Technical analytics

Bitcoin market technical outlook

Cryptocurrencies

Analysis method - “Trend Potential” June 14, 2018

Daily chart: Lower Bollinger band was broken once again, that may be a signal of decline continuation. However, there are strong corrective reasons in the shape of four in a row bars beyond the Bollinger bands. This may drive to pullback towards the area of middle band (7174.63).

H4: Local resistance resides at 6548.39 (middle Bollinger band), from where a new downward wave may arise (watch the black arrow). But there is a high probability of further growth towards upper band (6931.94), that is told by bullish convergence of oscillator and absence of local lower band break.

H1: Weak state of local ADX tells about significant resistance, that will meet market in the area of upper Bollinger band (6548.39). This may again put the quotes down towards 6305.68 handle (middle band).

Expectations:

Main scenario: We expect touch of the 6548.39 level and then pullback towards 6305.68.

Alternative scenario: Breakout above 6548.39 and further growth in direction 6931.94.

Trading recommendations:

  1. Shorts from zone 6548.39 towards 6305.68.

  2. In case of break of resistance 6548.39, we can go long in direction 6931.94.

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