Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Today bitcoin slumped after failed attempt to overcome middle Bollinger band, therefore we have nothing to do except for waiting for movement to the area of lower Bollinger band (9619), where buyers can regain control.

H4-chart:

We note a stiff support at lower Bollinger band (9933) that might be a headache for sellers! ADX potential for break lower is insufficient.

H1-chart:

Here we can note tangible oversold conditions, that will foster upward bounce off the 9933 level. Estimated target for long-trades might be the area of middle Bollinger band (10433-10489).

Expectations:

Decline towards 9933 and then growth in direction 10433-10489.

Trading recommendations:

  1. Shorts towards 9933.

  2. Longs from 9933 to 10433-10489.

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