Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

There was a very good session for bulls yesterday - almost $900 up! The coin is already being traded in upper Bollinger bands making possible testing of upper band (10838) today.

ADX indicator potential is relatively weak, therefore break higher is not expected today.

H4-chart:

Bitcoin started to correct downwards from very strong local resistance 10460. This pullback may be stopped at pivot 10000 or may go deeper to middle Bollinger band (9770).

After completion of correction we might buy out the coin again with count on movement towards 10838.

H1-chart:

The key intraday support level is middle Bollinger band (10205).  If this level isn’t broken we again might see growth of the quotes in direction of upper band (10571, watch the black arrow).

In case of drop under 10205 serious premises will emerge for development of downward correction to the 9770 region (watch the blue trajectory). 

Expectations:

Main scenario: Growth from current levels in direction 10571.

Alternative scenario: Break of support 10205 and decline in direction 9770.

Trading recommendations:

  1. Longs from 10205 to 10571.

  2. Shorts with count on break of 10200 towards 9770.

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