Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Supposedly local upward correction of the market is about to be completed: bitcoin advanced right close to the 8100 mark, where a strong dynamic resistance from middle Bollinger band resides. In case of bears’ activation the target of probable decline will be the lower Bollinger band (7170).

H4-chart:

Locally the upper Bollinger band is being tested, that stands at the mark of $8000, that creates the stiff resistance zone 8000-8100 which is going to be very hard to overcome. Bitcoin has a big respect for round levels, where short-term investors prefer to cash out, therefore the quotes from there may slide to the 7603 level (lower Bollinger band).

H1-chart:

ADX indicator stands in a strong trending zone, that confirms cruciality of the diagnostic zone 8000-8100: decline would confirm overall bearish potential of the asset and break higher on the contrary would cancel the negative forecast.

Following the above conclusions we expect decline from current levels in direction 7603!

Expectations:

Main scenario: Decline of the quotes to the 7603 mark!

Alternative scenario: Break above 8100 can lead to a new phase of bitcoin’s growth in direction 8200 and 8300.

Trading recommendations:

Shorts towards 7603

 

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