Bitcoin is testing the key resistance level 8310 at the area of middle Bollinger band, where sell-offs can take place and as a consequence a new phase of the coin’s quotes decline (black arrow).
But we can’t rule out an option, that bulls will successfully settle above this zone, that would open room of the upper Bollinger bands for them (red arrow).
Locally the market is arranged into an upward structure in the range of upper Bollinger bands (8050-8347). We don’t consider exit beyond this channel so far, since ADX indicator stands out of the trending zone.
Intraday dynamics also corresponds to flat accumulation of potential within Bollinger bands (8050-8283). We expect continuation of this scenario for today either.
Flat in the 8050-8283 range.
Trading in the 8050-8283 channel.