Technical analytics

BTCUSD market technical outlook


Daily chart:

Bitcoin quotes continue to stay within Bollinger bands on background of absence of ADX indicator breaking potential. Thus we can expect start of new downward wave from upper Bollinger band ($3705 for a coin) in direction of supports 3546 and 3361 (middle and lower Bollinger bands).


We note strong local support at the area of lower Bollinger band (3624). In case bears fail to pierce it, we can suspect dealing with a “bullish flag” pattern, that was formed during the recent upward momentum. In this case bitcoin can replay short-term rally as early as tomorrow!  


Intraday lower Bollinger band was broken, being a typical setup for quotes’ decline continuation. However ADX stands in a weak zone, therefore it’s likely that quotes won’t leave the boundaries of lower bands (3617-3644).


Continuation of flat in the 3617-3644 range.

Trading recommendations:

Seeking for probable long-signals at the 3617 level