Monthly reviews

BTCUSD market technical outlook

Cryptocurrencies

Monthly chart:

For bitcoin the tendency to strange triangle contraction of the channel continued, that might be interpreted as preparation for strong downward momentum (watch the red arrow), if ADX indicator didn’t fall so sharply. Therefore, eventually, it can prove to be the next part of continuous crypto-flat in the 6000.00-7760.00 range (watch the yellow zone).

Thus, support at the psychological level 6000 dollars for a coin is a key zone and very important for forecasting.


Expectations:

Main scenario: Break of the support 6000.00 and fall of the quotes for 1000 dollars (towards the 5000.00 handle).

Alternative scenario: Flat in the 6000.00-7760.00 range.

Trading recommendations:

Search for the signals with respect to the 6000.00 level.