Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin retains residual upward potential in direction of upper Bollinger band ($5755 for a coin). At the same time ADX indicator started correction, that may indicate a flat local market.

H4-chart:

Four-hour time-frame supports scenario of horizontal trend continuation within Bollinger bands (4987-5177). Here a relative weakness of ADX indicator is observed as well, therefore rise of volatility is not very likely.

H1-chart:

Intraday market keeps ascending tendency, that is limited from the upside by the dynamic resistance 5206 at upper Bollinger band. Thus primary expectation from today’s session is flat in the range of upper bands (5127-5206).

Expectations:

Main scenario: Flat in the 5127-5206 range.

Alternative scenario: Break above 5206 and following growth in direction 5300.

Trading recommendations:

Longs from the 5127 level in direction 5206 and 5300.

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