BTC/USD is trading at $6,569 and continues to lateral movement in the ascending channel. The coin is being traded inside the Ichimoku Kinko Hyo Cloud, which indicates the presence of a lateral trend. Another attempt to break through the channel’s border by sellers was not successful, and the price returned to the level where it is for the third day - $6,560. Now we are seeing a rare case when most technical indicators converge. Patterns, oscillators and volume charts speak of clear prerequisites for growth. But in spite of all this, the activity of the buyers is completely invisible. All that remains is to wait for the complete resolution of the situation in the zone of interests of $6,560.
BTC/USD Forecast and analytics 03 October 2018
As part of the forecast for October 3, the development of further upward movement within the channel remains in priority. The potential goal of growth is also the renewal of the local maximum of $6,840. It is likely that we will be able to see growth not immediately, but after the price tries to go down, to the lower boundary of the Ichimoku Kinko Hyo Cloud, and the upward movement after that.
Cancellation of the growth will be the withdrawal of the price below $6,560 and the consolidation of quotations below the lower boundary of the Ichimoku Kinko Hyo Cloud, with a potential target at $6,330.
As part of the forecast for October 3, the priority remains to expect the development of further price growth within the ascending channel, in order to update the recent highs at $239.00. If this happens, we can expect further growth with a target of $250.00. We can see the upward movement either from the current positions or after a small rollback down and testing the lower boundary of the ascending channel.
The abolition of this will be a drop and a breakdown of $220.50. In this case, it will be possible to expect descending movement with a target on the lower border of the support zone at $202.30.
As part of the forecast for October 3, we can expect the continuation of the lateral movement within the limits of the established flat and the price fall to the lower border of the corridor $0.50000- $0.46500, and development of the lateral movement from there further, to the upper border of the flat at $0.62800.
The cancellation of the development of the lateral movement will be the growth and breakdown of the level of $0.62800. In this case, we can expect the price to rise to $0.70000.
As part of the forecast for October 3, we can expect to retest of the lower limit of the ascending daily channel, in the $112,800 region. So far, the development of the continuation of the upward trend is in priority, so after the retest, we can expect a price increase with an intermediate goal to update the local highs at $122,000 and to gain a foothold above $127,500 after that.
The cancellation of the growth will be the breakdown of the price of the lower border of the ascending daily channel and its consolidation below the level of $108,000. In this case, we should expect a further decline in quotations in order to update the local minimum at $104,200.
