Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

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).

H4-chart:

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!  

H1-chart:

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).


Expectations:

Continuation of flat in the 3617-3644 range.

Trading recommendations:

Seeking for probable long-signals at the 3617 level

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