Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Market somewhat stuck at the 11242-11424 region (middle Bollinger bands from H4 and daily charts). It looks like the coin will continue its downward correction after end of pullback, that we observe today.

H4-chart:

Growth of the quotes was triggered by support 10792 (lower Bollinger band). We can assume, that bitcoin will be sold out again from the psychological “round” level 12000, that stands at middle Bollinger band (watch the black trajectory).

However let’s note, that lower Bollinger band wasn’t broken! And that means, that bulls will have the chance to break and stabilize above the 12000 mark (watch the red arrow). Thus a key resistance level today is at 12000.

H1-chart:

We note an important intraday resistance 11763 (upper Bollinger band). ADX grows, but didn’t reach trending values so far, therefore we can regard a probable break of 11763 mark as a signal for completion of downward technical correction (watch the red arrow).

 

Expectations:

Main scenario: Growth towards 11763 and then downward reversal in direction 11086.

Alternative scenario: Break above 11763 and further growth towards 12000.

Trading recommendations:

Tracking the signals of rebound or break of the 11763 level and following entry with respect to this signal.

 

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