Technical analytics

BTCUSD market technical outlook


Daily chart:

Bitcoin subsided tangibly after testing of resistance 10795 at the area of upper Bollinger band suggesting retaining of overall flat tone of the market. Thus if bulls show weakness at 10795  we can get a new downward wave in direction of lower Bollinger band (9343).


Local downward corrective wave is limited by the support zone 10056-10120 (middle Bollinger band) so far. Upper Bollinger band, as we see, continues to trend up staying at 10900. Thus this mark is an actual target for potential long-trades.


On hourly chart we also can observe reversive tendency amid bearish divergence of RSI oscillator. We expect correction of bitcoin towards 10405 first and then towards 10056-10120.


Decline in direction 10405 and 10056-10120.

Trading recommendations:

Shorts towards 10405 and 10056-10120.


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