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Forex Analysis & Reviews: Fractal analysis of cryptocurrencies on October 3
time 03.10.2019 06:10 PM
time Relevance up to, 05.10.2019 05:54 PM

Hello, dear colleagues.

Dear colleagues, due to the fairly widespread on cryptocurrencies, the trading strategy for the cycle in them will change depending on the expansion and narrowing of volatility in hourly prices. When there is no possibility of trading in the adjustment zones of the cycle, where the price range is narrow enough, we will proceed from the initial conditions for the development of the main trend and trade from them according to the trend. If the spread is narrow, then trading signals will be indicated taking into account the trade in the correction. Most likely, we will almost always trade on the #Bitcoin tool according to the trend from the initial conditions, and on the BCHUSD tool, we will also capture correction zones as the main trend develops, since the spread allows this to be done. In this analytics, you can always find out information when we trade by the trend, and when the tool allows you to work in narrow price ranges.

Forecast for October 3:

Analytical review of cryptocurrency on the H1 scale:

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For the #bitcoin instrument, the key levels on the H1 scale are 8950.76, 8787.51, 8548.62, 8453.06, 7999.16, 7847.85, and 7676.65. Attention! This instrument is characterized by medium-term trend trading. At the moment, we are following the formation of the initial conditions for the upward cycle of September 30. Now, there is a good opportunity to enter the market from the correction zone from this structure, thus, the range for entering the purchase is 8073.00 – 8548.00. We expect the upward trend to develop after the price passes the range of 8453.06 – 8548.62. In this case, the first target is 8787.51 and near this level is the price consolidation. We consider the level of 8950.76 as a potential value, upon reaching which you can transfer the stop to the level of 8453.00 or higher, and continue trading according to the trend, the goals for which will be determined later.

The range of 7999.16 – 7847.85 is the key support for this structure. Its passage by the price will lead to the abolition of the upward structure and will have to form local initial conditions for the subsequent development of the downward cycle. The first potential target is 7676.65. However, you can only trade down when the price leaves the zone of initial conditions for the top of September 30.

The main trend is the formation of initial conditions for the upward cycle from September 30.

Trading recommendations:

Buy: 8073.20 – 8548.60 Stop Loss: 7847.85 Take profit: 8950.76

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For the BCHUSD instrument, the key levels on the H1 scale are 257.44, 250.28, 240.03, 231.41, 216.12, 209.45, and 202.94. Attention! At the moment, this instrument can carry out short-term transactions, as well as trade-in correction zones from the main trend. At the moment, the price is in equilibrium, and we do not observe the expressed initial conditions for any particular direction, but the correlation of this instrument with bitcoin makes it more likely to move upwards. The breakdown of the level of 231.41 will lead to the formation of an upward structure. In this case, the first potential target is 240.03 and the breakdown of which, in turn, should be accompanied by a pronounced upward movement to the level of 250.28. The potential value for the top is the level of 257.44, near which we expect consolidation.

The short-term downward movement is possible in the area of 216.12 – 209.45, hence there is a high probability of a reversal in the upward movement. The breakdown of the level of 209.45 will have to form a local structure for the subsequent development of the downward trend.

The main trend is the equilibrium situation, mainly we expect upward movement.

Trading recommendations:

Buy: 231.41 Stop Loss: 216.12 Take Profit: 240.00

Buy: 240.05 Stop Loss: 227.30 Take Profit: 250.25

Sell: 216.12 Stop Loss: 227.30 Take Profit: 209.45

Sell: 209.45 Stop Loss: 216.12 Take Profit: 202.95

Daichi Takahashi,
Analytical expert of InstaForex
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