Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin quite actively goes down in direction of the support level 6240.88 (lower Bollinger band), from where a new strong upward bounce is possible. It’s easy to distinguish mid-term increase of supports (watch the black marks), that says about big players, who buy out the coin during corrections.


H4-chart:

Locally bears significantly prevail and confidently move towards the target 6240.88.


H1-chart:

Hourly ADX stands in a weak zone, therefore it’s quite likely, that we’ll see intermediate upward correction towards the middle Bollinger band (6372.47), where the most optimal intraday sell area resides.


Expectations:

So, we expect pullback in direction 6372.47, afterwards a decline in direction 6240.88 will be resumed.

Trading recommendations:

  1. Shorts from 6372.47 towards 6240.88.

  2. Search for probable buy signals at the 6240.88 area.

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