Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

As we see the new price peak has made little changes from the RSI oscillator point of view - triple bearish divergence is still in place.

It’s a very solid short-signal for forex-assets. We are about to see how bitcoin will react on such signal.

But from the technical analysis point of view we can expect development of corrective downward wave in direction of the levels 8309 and 7427 (middle and lower Bollinger bands).

H4-chart:

Locally the coin so far clings above the dynamic support 9000 (middle Bollinger band). But here we also see the divergence of RSI and also correction of ADX. It’s highly likely, that bitcoin will fail to go above the resistance 9475. From this region we can consider short-trades reckoning on decline of the quotes towards 8503 (lower Bollinger band).   

H1-chart:

Intraday trading has flat horizontal mode so far. There are no signs of leaving the 9112-9354 range (Bollinger bands).

Expectations:

Flat in the 9112-9354 range.

Trading recommendations:

Seeking for probable sell signals at the 9354 level.

 

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