Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

As we see decline of bitcoin continues and the main target support 7223 a lower Bollinger band wasn’t tested yet. Thus we can expect further development of downward wave towards this region. We can’t rule out a prior corrective pullback to the 8115-8240 zone, where a substantial offer volume can be concentrated.

H4-chart:

Locally the coin is being traded in the middle of the lower Bollinger bands range (7475-8115). Thus an upward pullback in direction of the 8115 level may take place with following strong downward movement.

H1-chart:

Intraday trading has flat mode. Market stands at the area of middle Bollinger band (7757-7800) for several hours. But overall size of the sideways channel may reach $470 (7514-7991).

Expectations:

Flat in the wide channel 7514-7991. At the same volatility can be minor.

Trading recommendations:

In case of upward correction development short-trades are preferable. Optimal entry point is 7991.

 

New articles