Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Cryptomarket is sinking by large degree due to fundamental factors linked to the close attention of USA authorities to the Facebook cryptocurrency (Libra). We see, that bitcoin yesterday has broken lower Bollinger band and can drop even more to the 8173 and 7353 marks on the back of growing ADX. 

H4-chart:

Key local support resides at the 9160 mark (lower Bollinger band), that holds the coin within lower Bollinger bands (9160-10269 range). Further drop of bitcoin can be considered in case of break of the 9160 mark.

H1-chart:

Intraday trading is going short as well. Dynamic support level provided by lower Bollinger band stands at the 8925 mark being an actual target for sellers today.

Expectations:

Decline towards 8925.

Trading recommendations:

Shorts towards 8925.

 

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