Greetings to all! Yesterday, information was received from the US Department of Labor about an increase in the number of initial applications for unemployment benefits over the past week. The figure increased by 2 thousand compared to the revised data of the previous week and amounted to 232,000 applications. This was immediately reflected in the dollar index, which is down 0.66% to date.
Today at 15:30 Moscow time information on the unemployment level in the United States is expected. This data directly affects the movement of the dollar price, as well as #Bitcoin. This event is of particular interest because it may affect financial markets.
Now let’s analyze the Bitcoin chart, but before that, so that you can see the whole picture of the logic of price movement, study my past successfully realized forecast: https://www.binance.com/ru/feed/post/572226.
Bitcoin price is still in a downtrend on H4, and as we can see since May 29th (last forecast), the price continues to move in the impulse direction📉 after rebounding from the trend resistance (red).
On chart H1 we see a change in trend from upward (green) to downward (blue), while the price is within the framework of this downward trend (blue), the priority of the price is to fall.
📉Drop conditions:
Taking into account all that has been said above, on M30, when the level of 26.590 is broken, the target for the fall is the trend support level, the reference point is 26.330, we envisage a rollback at the level of 26.420.
📈Conditions for growth:
We will also provide a condition for growth; in case of a breakdown of the trend resistance level and the level of 27.430 on H1, the growth target is 27.760, we provide for a rollback at the level of 27.630.
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* Breakout is the closing of the candle body beyond the specified level. * Rollback is a level upon reaching which, with a high probability, the price may begin to correct to the previous, breakthrough level or go into a deeper correction to the level of resistance or support of the main trend. You can record your profit without waiting for your goal. Use positive sl and trailing stop
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