Technical analytics

BTCUSD market technical outlook


Daily chart:

ADX indicator readings remain in the area of flat forecast. Thus bitcoin probably will keep the trading range within the lower Bollinger bands (7302-8100).


We note the presence of strong support at the region of lower Bollinger band (7553), where bulls may threaten the resistance 7813 (middle Bollinger band) and its break could have a potential of reversal signal.


Intraday growth potential is limited by the dynamic resistance 7761 (upper Bollinger band). We can consider short-trades from this level towards 7553.


So, we expect touch of the 7761 zone and following decline of the quotes in direction 7553.

Trading recommendations:

Shorts from the 7761 level towards 7553.


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