Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

ADX indicator stands close to the area of trending activity, therefore probable break of upper Bollinger band (10891) is still under question. Thus we should regard it as a key level: either bitcoin will start to fall in direction 9342 or bulls will stabilize above it, that would provide market with potential for growth towards 12091 (watch the red arrow).

H4-chart:
Strong local support remains at the area of middle Bollinger band (10333) so far, where the coin is being bought out. Thus we can get second testing of resistance level 10891.
We note absence of trending activity from ADX indicator, that points to a very low probability of growth higher than 10891. Correspondingly this zone is attractive for mid-term sellers.

H1-chart:

Intraday dynamics of the market still has flat tone. The quotes reside inside stable sideways channel 10333-10655 (Bollinger bands). Most likely this tendency will be continued today.

Expectations:

Flat in the 10333-10655 range.

Trading recommendations:

Short-term trades in the 10333-10655 channel.

 

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