Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

ADX resides in a zone of trending activity suggesting the quotes are very likely to go beyond upper Bollinger bands (key resistance is 10912). In this case we can see impulse movement ot the upside in direction of resistance 12091.

While the break of 10912 is absent, the coin will remain range-bound inside upper Bollinger bands (10147-10912, watch the black trajectory).

H4-chart:

The third in a row testing of resistance level 10718 (upper Bollinger band) is an important sign of upcoming break of this level. Moreover we also see here a high trending activity of ADX indicator. Area of middle Bollinger band (10516-10557) is a support for this accumulation.

H1-chart:

So far resistance area 10718-10756 prompts market to throw helpless tails of the bars to the upside making us to suspect locking in profits at this area and correspondingly probable downward reversal.

However we can suppose that this area will be broken eventually due to several signs (in particular, activity of ADX in favor of buyers on all time-frames). May be bulls will have to retrace once again to the middle Bollinger band (10516-10557).

Expectations:

Pullback to the 10516-10557 area and then growth towards 11000.

Trading recommendations:

Longs towards 11000 (optimally - from 10516-10557).

 

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