Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin reached the maximum available recovery level within correction - upper Bollinger band ($3689 for a coin), where according to falling ADX a new decline is very likely to be triggered in direction 3361 (lower Bollinger band).

At the same time, the process on junior time-frames can quite prove to be a “bullish flag” pattern, which might cause a new upward momentum above 4000.

H4-chart:

Upper Bollinger band lies at the 3809 level, being an actual target for recovery. But it looks more likely, that market is going to consolidate at the area of middle band ($3625).

H1-chart:

Intraday trading range apparently will stay within horizontally oriented Bollinger bands ($3625-2689). ADX indicator resides in a very weak zone, therefore flat forecast for the day is the only.


Expectations:

So, we expect continuation of flat in the 3625-2689 range.

Trading recommendations:

Short-term trades in the 3625-2689 channel.