Technical analytics

BTCUSD market technical outlook


Daily chart:

ADX indicator readings dropped to extremely low level, that corresponds to flat. At the same time a wide range of more than $1000 might be inherent to bitcoin even during the flat. Now the coin is being traded inside lower Bollinger bands (9397-10661) being under local pressure.


Local trading also has an explicit sideways trend. Support is at 9860, resistance is at 10425 (the range of Bollinger bands).


Strong support can be observed at the round psychological zone 10000-100061 (lower Bollinger band). ADX is in a weak area so far, break is unlikely, however overall negative dynamics will be in place.


Main scenario: Flat in the 10061-10205 range.

Alternative scenario: Break of support 10000 and decline to 9860.

Trading recommendations:

Shorts from 10205 to 10000 and 9860.


New articles