Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

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.

H4-chart:

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

H1-chart:

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.

Expectations:

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