Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

DAX indicator reversed sharply to the downside, that may witness about absence of trending potential in current downward movement and correspondingly about strong support at the area of lower Bollinger band (3509). It’s likely that bitcoin will be suspended for a while within the lower Bollinger band (3509-3795).


H4-chart:

Locally a residual downward potential in direction 3509 (lower Bollinger band) preserves.

H1-chart:

Downward dynamics in direction of the support 3509 can be monitored on all three time-frames. Thus this area is a key level: we’ll see either an upward bounce in direction 3795 or the support will be broken and the coin will get new downward dynamics in direction 3400.


Expectations:

Main scenario: Decline to the 3509 level and then upward bounce in direction 3795.

Alternative scenario: Break of the support 3509 and further slide in direction 3400.

Trading recommendations:

  1. Shorts towards 3509.

  2. It’s possible to go long for a short-term from the 3509 handle towards 3795.

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