Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin remains in a wide flat range inside lower Bollinger bands (9521-10818). ADX declines suggesting a low probability of break of support 9521. Thus buy signals at this region will have good chances for execution.

H4-chart:

Locally we note resistance 10238 (middle Bollinger band). Until the coin is being traded below this mark a negative forecast with decline of the quotes to the 9628 region will be on the cards (black arrow).

We might discuss recovery of bitcoin in case of move to the upper bands (above 10238). In this case we might see a growth by $700-800 in direction of 10818.

H1-chart:

Intraday market shows minor volatility on the back of weak ADX. Trading range so far doesn’t exceed the scope of Bollinger bands (10013-10160).

Expectations:

Continuation of flat in the 10013-10160 range.

Trading recommendations:

Short-term trades in the 10013-10160 channel.

 

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