Technical analytics

BTCUSD market technical outlook

Cryptocurrencies
Daily chart:

As we supposed bitcoin slumped from the 8100 level and now actively corrects to the downside. Approximate target of downward pullback is dynamic support at the area of middle Bollinger band (6336 level).

H4-chart:
Local lower Bollinger band is broken being a solid signal for decline continuation. We can’t rule out prior testing of the middle Bollinger band (7835, watch the yellow zone). But ADX readings are close to trending values, therefore a more likely scenario is decline from current levels.

H1-chart:

We note the most perspective zone for short-trades at the area of middle Bollinger band (7716).

Expectations:

Main scenario: Pullback to the 7716 level and then decline in direction 6336.

Alternative scenario: Direct decline in direction 6336 from current levels.

Trading recommendations:

Shorts from 7716 to 6336.


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