Technical analytics

Bitcoin market technical outlook

Cryptocurrencies

Analysis method - “Trend Potential”

October 11, 2018


Daily chart:

Bitcoin is in the stage of probable break of lower Bollinger band, that can become the start point of new strong downtrend. But, it’s too early to discuss that, since bears faced the hard task to break the barrier in the shape of complex support 6082.50 (watch the yellow marks).

H4-chart:

We note the presence of bearish trending pressure, that allows to reckon on attack in direction of the psychological level 6000.00 with further high chances for decline continuation.


H1-chart:

Local support is situated much more lower than daily - at the 6018.28 level (lower Bollinger band). On background of active ADX, we can also suppose, that the fall just starts...

Expectations:

So, we expect further losses in direction 6000.00-6018.38 with high risks of deeper decline.

Trading recommendations:

Shorts towards 6000.00-6018.39 and, perhaps, lower.


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