Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bullish movement looks de-energized from the mid-term prospects point of view and massive bearish divergence of RSI didn’t show its potential after all.

Thus after touch of the resistance level 8117 the coin almost for sure will get weaker in direction of the lower Bollinger band (7360).

H4-chart:

We note a strong local resistance level 8060 located at the upper Bollinger band. Testing of this level has taken place already and now we see the process of decline in direction of the lower wall of sideways channel (7581 mark).

ADX indicator stands in a weak zone, therefore we shouldn’t expect bitcoin below this support either.

H1-chart:

Flat mode of the market can be tracked during intraday trading as well. The quotes don’t leave the borders of $90-range of Bollinger bands. Current phase is downward. This we can expect decline to the 7725 level (lower Bollinger band).

Expectations:

Decline towards 7725 and slight bounce to the upside.

Trading recommendations:

  1. Shorts towards 7725.

  2. Longs from 7725.

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