Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Active upward correction of bitcoin goes on background of ADX sharp decline today. This tells about restrained optimism regarding probable perspectives of the coin gains. Most likely we again will see sell offs from the middle Bollinger band ($3518).


H4-chart:

We note locally placed resistance at the area of upper Bollinger band ($3479 for a coin). ADX stands in a very weak zone, therefore we should regard a probability of break above this handle as very low.

H1-chart:

Trending activity of buyers can be monitored intraday. They managed to break upper Bollinger band and it’s a sign of quotes’ growth continuation. Thus we await an attempt to break the 3479 level (with probable touch of the 3518 level) with following downward pullback to the source levels.

Expectations:

So, we expect growth in direction 3479 and 3518 and after that bitcoin will slide to the 3414 region.

Trading recommendations:

Seeking for local short-signals at the 3479 and 3518 levels.


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