Technical analytics

Bitcoin market technical outlook

Cryptocurrencies

Analysis method - “Trend Potential”

October 12, 2018

Daily chart:

Lower Bollinger band is broken, that is a signal of further decline. At the same time ADX is in a weak area, that tells about probable prior correction towards middle Bollinger band (6511.68).

H4-chart:

Locally the downward dynamics in direction of lower Bollinger band (6018.38) is still in place.

H1-chart:

Bitcoin is being traded inside the narrow horizontal channel 6171.56-6197.01 intraday.

Expectations:

Main scenario: Decline towards 6018.38.

Alternative scenario: Flat in the 6171.56-6197.01 range.

Trading recommendations:

Shorts towards 6018.38.


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