Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Negative forecast for bitcoin pans out. Market resides in the lower Bollinger bands already, that shows a high probability of reaching the mark of $7191 (lower Bollinger band) by downward wave.

H4-chart:

ADX stands adjacent to the trending zone and the price chart has all attributes of “bearish flag” (formation of the quotes’ decline continuation). Thus we can expect further decline from current levels.

H1-chart;

Lower Bollinger band was broken on hourly chart. This allows to consider opening of short-trades from the middle Bollinger band (8191). Intraday target is $7653 for a coin.

Expectations: So, we expect pullback to the 8191 level and after that bitcoin will resume decline in direction 7653 and 7191.

Trading recommendations:

Shorts from the 8191 level towards 7653 and 7191.

 

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