Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Middle Bollinger band (10701) is being tested. Lower band wasn’t broken, therefore further growth in direction 12075 is a prevailing scenario.

However in case a pinbar is formed by the close of today’s session we might get new downward wave towards 9455 (lower Bollinger band, watch the black arrow).

H4-chart:

We note stiff support 10390 (middle Bollinger band), from where we can get a new short upward wave in direction of the pivot-zone 10873-11130.

H1-chart:

On hourly chart the pair is being traded short as well. At the same time O&U pattern was formed with entry point at the resistance level 10779. Thus we can expect pullback to this region and following continuation of decline.

 

Expectations:

Main scenario: Upward pullback to 10779 and then decline to 10390.

Alternative scenario: Decline to 10390 without prior pullback.

Trading recommendations:

Shorts from 10779 to 10390.

 

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