Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin approaches to middle Bollinger band (9618 mark), where a traditionally strong dynamic support resides. Given the drop of ADX readings we can assume, that we’ll see an upward bounce off this level.

H4-chart:

Locally we also can confirm a strong level at the 9618-9620 zone (lower Bollinger band). Thus the coin will get a chance to recover its positions towards middle band (10355).

H1-chart:

On hourly chart we can denote the signs of upward dynamics already, therefore further growth of the quotes may take place from current levels. The closest targets for bulls will be resistance levels 10120 and 10355.

Expectations:

Main scenario: Growth from current levels in direction 10120 and 10355.

Alternative scenario: Prior testing of support level 9620 and then growth in direction 10120 and 10355.

Trading recommendations:

Longs towards 10120 and 10355.

 

New articles