Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Upward corrective wave is being poised to test the middle Bollinger band (8310), where the dynamic resistance level resides, that is capable to trigger full downward reversal of the trend via the Head-and-shoulders pattern.

Thus market reaction on this area will be very representative in the sense of bitcoin readiness for further growth in direction 8897 (upper Bollinger band, watch the red arrow)

 

H4-chart:

Locally the market is consolidated within the upper Bollinger bands (7932-8235). ADX indicator is not very active, therefore we’ll probably see a continuation of flat within the mentioned borders.

H1-chart:

We also have to note the strong intraday support at lower Bollinger band (7992), that is adjacent to the psychological level 7800. ADX readings indicate that most likely a phase of potential accumulation within Bollinger bands (7992-8172) will be continued.

Expectations:

Flat in the 7992-8172 range.

Trading recommendations:

Trading in the 7992-8172 channel.

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