Bitcoin is trading above the balance level for the second day. This became possible after stopping the fall during the test of monthly control zone in August. The middle course zone was also tested at the end of last week. The likelihood of an increase in the value of bitcoin increases. You should not expect a sharp increase in the price, however, while the balance marks are below the course, you should keep the purchases open at the end of last week. Sales can be closed completely, since the probability of falling below the level of $10,000 in August is 30%.
Favorable price for the purchase of the instrument will be at any level below $10,000. The first growth goal can be considered at the $10,749 mark. When bitcoin reaches this level, a partial consolidation of purchases and the transfer of the rest to breakeven will be required.
An alternative model has a probability of implementation below 30%, which does not make it possible to enter sales. The instrument is trading near the monthly control zone. This makes a further decline unlikely. If the decline occurs below $10,000, then the probability of a return to this mark in August will be at 70%, and in case of exit and closing of the month's trading below this level, the probability will increase to 90%.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
The material has been provided by InstaForex Company - www.instaforex.com