FX.co ★ BTC analysis for August 04,.2020 - Watch for the potential breakout of the contraction to confirm further direction

As I discussed in the previous review, the BTC is still in contraction and waiting for the breakout mode. The Bollinger bands started to contract and we got defined trading range between the $11,500 (resistance) and $10,900 (support)

Further Development

Analyzing the current trading chart, I found that there is potential for the range expansion to happen and the breakout.

Upside breakout of resistance woudl lead us to $12,140 and the downside breakout of support at $10,930 may lead so ut $9,800