Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin shows tendency for drop of the price to lower Bollinger bands, that opens room for further decline of the quotes in direction 8875 (lower Bollinger band).

H4-chart:

There are several consecutive bars beyond the lower Bollinger band, that sometimes leads to intensive upward corrections. We note two resistance levels where such pullback might be directed: 10650 and 11100.

H1-chart:

As we see lower Bollinger band wasn’t broken. This points to a high probability of asset’s recovery towards upper band (11000).

Expectations:

Growth in direction 11000 and then continuation of mid-term decline.

Trading recommendations:

  1. Longs towards 11000.

  2. Shorts from 11000.

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