Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

After pullback to the middle Bollinger band (8000-8020 region) bitcoin probably will continue a development of downward wave in direction 7169 (lower Bollinger band). Thus shortly the coin can get thinner by more than $800.

H4-chart:

On this time-frame we can see explicit resistance zone 8017-8093 (pivot at the area of middle Bollinger band) and support level 7331 (lower Bollinger band). In case of correction towards 8017 we can consider short-trades without confirmation.

H1-chart:

Relatively weak intraday ADX speaks for flat forecast for today’s session. Trading range can be limited by the scope of Bollinger bands (7662-7848).

Expectations:

Flat in the 7662-7848 range.

Trading recommendations:

Shorts from 7848 towards 7662.

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