Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Tendency for decline of the bitcoin quotes in direction of middle Bollinger band (10587) is still in place. Buyers can regain control at this level, that might be provided by earlier broken upper Bollinger band.

H4-chart:

We note active trending state of ADX indicator, that speaks for further negative forecast on this asset. We expect movement in direction 10587. And as we see it’s doubtful, that this support will stop the fall.

H1-chart:

One more important psychological support stands at 11000 mark! We can quite consider it a key level: once it’s broken bitcoin can slump by another $400-500.

Expectations:

Main scenario: Decline towards 10587.

Alternative scenario: Touch of the 11000 mark and then upward bounce to 11251.

Trading recommendations:

Shorts towards 11000 and 10587.

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