Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Technical downward correction has started, that supposedly can reach the dynamic support of $4512 for a coin (middle Bollinger band). It’s quite likely to see new upward bounce off this area, since actual target of buyers, that is marked by upper Bollinger band, has moved higher and now resides at the 5600 level.

H4-chart:

Local lower Bollinger band is broken being of the important attributes of probable continuation of quotes’ decline. At the same time ADX indicator stands in a weak zone, that apparently will leave bitcoin within the 4926-5225 range during today’s session.

H1-chart:

Intraday we note growth of ADX, that may turn weak downward correction into full-scale decline. Short-term sales can be considered from the area of middle Bollinger band (5207-5225 zone). And the first target will be support 4926.

Expectations:

So, we expect upward pullback in direction 5207-5225 and then new decline in direction 4926.

Trading recommendations:

Shorts from the 5207-5225 zone towards 4926.

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