Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

Bitcoin continues to set new records. Given such enthusiasm and trending pressure of ADX indicator market apparently has all the chances to test new round mark of $12000.

H4-chart:

If we try to evaluate the situation locally, we’ll see triple bearish divergence of oscillator, that can be a sign of probable downward correction in direction of lower Bollinger band (10323).

However such setups are not always successful on a strong trending market. 

H1-chart:

On hourly time-frame bullish pressure is in place. Thus continuation of bitcoin’s growth is a prevailing scenario for today.

We can consider correction in case bulls will expose steep weakness at the resistance level 11360 (upper Bollinger band).

Expectations:

Main scenario: Continuation of growth by another $200-300.

Alternative scenario: Decline from 11360 in direction 10323.

Trading recommendations:

  1. Above 11360 - longs towards 11600-11700.

  2. Tracking of probable short-signals at the 11360 level.

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