Monthly reviews

BTCUSD market technical outlook

Cryptocurrencies

Monthly chart:

Consolidative bearish inside bar is formed by the end of January, that on background of ADX indicator active mode can be the cause of new downward rally.

As we see, bitcoin doesn’t have long-term supports. Therefore we can’t rule out a tumble of the quotes during the next few months to the area of lower Bollinger band (and it’s a phenomenal level of 418 dollars for a coin!). It’s as hard to believe in this handle as it was to imagine the figure of 20,000 exactly two years ago, when the coin was priced below 1000.

Well, interesting time is ahead of us! Bitcoin apparently will get the money of new fortune-hunters at the psychological round levels of 3000, 2000, 1000, that will produce an illusion of recovery. But from technical point of view the coin doesn’t have future.

Expectations:

So, we expect decline in direction 3000, then 2000 and aim at 1000 and 500 dollars for a coin.

Trading recommendations:

Shorts and holding in direction 2000 and 1000.