Bitcoin keeps moving north and is trying to consolidate above 4300$

Hello! The bitcoin price along with the dollar continues to move according to the scenario from previous reviews. The expected momentum around ​​4300 was obtained and this can be seen in the hourly chart below.

In general, the picture has not changed, except for several nuances that cannot be ignored. The price, as before, is confidently moving in the ascending channel. For clarity, I applied the Andrews’ Pitchfork. This tool allows you to see not only the main channel, but also its internal structure, which resembles musical registers (upper, middle and lower). This approach opens the opportunity of “hearing” the price movement in the channel and is not limited to a simple understanding of its growth or decline.

As can be seen from the four-hour chart, the price is moving in the middle register and has approached its axis.

The area of ​​expected sales remains unchanged. With the continuation of the trend, we expect counter activity of sellers at the level 4800–5000. For those who retain long positions, there may be a target for partial or full profit taking in accordance with the risk management parameters.

At the moment, the price is trying to consolidate above the local downward channel above 4300, which is evident in the following four-hour chart. If it can do this, the way up will be opened. At the same time, if the buyers do not have enough strength to stay here, then it seems logical that we will see a decline to the level 4050, where the supply and demand base is located, as well as 38.2% Fibonacci harmony level.

Currently, we do not consider the downward scenario, since there are no significant prerequisites for it. As you know, the trend is more likely to continue than change. Therefore, in this formation it is better to consider purchases than sales. At the same time, I recommend “listening to music” of the trend and carefully monitoring its lower limit.

I wish you successful trades!

https://www.liteforex.com/blog/for-professionals/bitcoin-25-08-2017/

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