Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

ADX indicator resides in a weak zone keeping downward correction mode. Thus it’s unlikely, that bitcoin will leave the range of lower Bollinger bands (7360-8145).

Nevertheless strategically bulls keep the chance for recovery of the coin towards the 8896 mark (upper Bollinger band) during upcoming week.

H4-chart:

Locally we can confirm strong resistance at the 8145 level (merger of daily middle and H4-upper Bollinger bands) on the back of ADX readings decline. Thus we can expect start of downward wave from this zone in direction of the support 7584 (lower Bollinger band).

H1-chart:

Intraday volatility doesn’t exceed $100 - the coin is being traded within sideways channel inside Bollinger bands (7869-7962), where most likely it will spend the whole today’s session.

Expectations:

Flat in the 7869-7962 range.

Trading recommendations:

Shorts from the 7962 level towards 7869.

 

New articles