Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

There is no room for bitcoin to grow, if don’t look at oscillator. Correction definitely will take place, but it’s unknown how many daredevils will fall through trying to catch the peak.

Nevertheless from technical point of view we should expect start of correction from the area of $8500-9000.

H4-chart:

Locally we also note RSI “screaming” about correction - long-lasting and massive divergence preserves. We expect testing of dynamic resistance at the area of upper Bollinger band (8343) and then downward reversal in direction of the support 7524.

H1-chart:

Intraday we also see overheat state of the market - every new high is very tough for bulls to overcome and every time it’s confirmed by the high of oscillator (divergence). The sell-off targets might be supports 7350 and 7170.

Expectations:

So, we expect attempt of downward reversal from the 8343 level in direction 7350 and 7170.

Trading recommendations:

Shorts from the 8343 level towards 7350 and 7170.

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