Scenario of bitcoin correction development has panned out. Given the steep decline from upper Bollinger band we can suppose a highly likely further drop of the quotes towards lower band (9708), where in turn buyers will again “pick up” the coin.
A very stiff local support is observed at the area of lower Bollinger band (11026). It has triggered forming of bullish inside bar (a long signal). Thus we can expect growth of the quotes from current levels in direction 12097 (middle Bollinger band) and 12743 (an pffer zone formed within bearish pattern O&U). Given the conclusion drawn on a daily chart we can assume, that bitcoin can face sell-offs at any of the mentioned levels (watch the black arrows).
Upward correction can move to the 12743 region, where we have merger of upper Bollinger band and entry zone to O&U. Though middle Bollinger band also proves to be quite a sticky pivot (11961-12097).
Main scenario: Growth towards 12743 and then downward reversal.
Alternative scenario: Testing of the 11961-12097 zone with following downward reversal in direction 11000.
Longs towards 12000 and 12743.
Shorts from 12000 and 12743 towards 11000.