Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

We need to note, that upper Bollinger band has moved $50 higher comparing to yesterday’s trading (pointing at the mark of $5650 for a coin today), that tells about maintaining of overall upward potential for this coin. At the same time, it’s being traded so far in the middle of upper Bollinger bands range, that makes possible a pullback towards the middle band (4580), where the most optimal point possible resides for new long-trades with the trend.

H4-chart:

Locally we have confirmation of probable continuation of daily downward correction development - break of the lower Bollinger band allows to open short-trades from the middle band (5158) in direction of the 4580 level.

H1-chart:

Intraday we can note two potential scenarios: flat (within horizontal range 4979-5056) and corrective (during probable upward pullback at the area of H4-middle Bollinger band, where strong PPZ resides by the way).

Expectations:

Main scenario: Flat in the 4979-5056 range.

Alternative scenario: Growth towards 5158 and then downward reversal.

Trading recommendations:

Seeking for sell signals at the 5056 and 5158 levels.


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