Forecast for October 8:
Analytical review of cryptocurrency on a scale of H1:
For the Bitcoin instrument, the key levels on the H1 scale are: 9026.00, 8811.75, 8666.36, 8379.42, 8287.60, 8039.21, 7893.53 and 7698.41. Attention! This instrument is characterized by medium-term trend trading. Here, as expected, the price formed a local structure for the top of October 7. In addition, this instrument has a good correlation with the euro / yen. The range for entering the market for the purchase is 7948.00 - 8380.00. We expect the development of the upward cycle after the price passes the noise range 8287.60 - 8379.42. In this case, the first goal is 8666.36. Meanwhile, price consolidation is in the range of 8666.36 - 8811.75, as well as a possible rollback to correction. The potential value for the top, where it makes sense to close the position - 9026.00.
The range 8039.21 - 7893.53 is a key support for the ascending structure. Its passage at the price will lead to the cancellation of this structure. In this case, the first goal is 7698.41. However, to trade in a downward direction, it makes sense when the local initial conditions for a downward cycle are formed.
The main trend is the initial conditions for the top of October 7.
Trading recommendations:
Buy: 7948.00 - 8380.00 Stop Loss: 7891.00 Take profit: 8666.36
To continue :
Stop Loss: 8287.60 Take profit: 9026.00
The material has been provided by InstaForex Company - www.instaforex.com