Technical analytics

BTCUSD market technical outlook

Cryptocurrencies

Daily chart:

We can visually assert probable bearish accumulation at the area of mid-term support (lower Bollinger band), that is indicated by synchronous growth of ADX indicator and consecutive renewing of daily trading lows.

At the same time ADX is quite distant from trending zone, therefore we can’t state, that break of support 9198 will take place today. Nevertheless if this happens bitcoin might instantly slump by another $1000 towards 8222!

H4-chart:

Locally the situation for bitcoin looks gloomy as well: lower Bollinger band is broken and ADX indicator shows trending readings. Thus we can consider short-trades from the pivot-level 9686!

H1-chart:

The closest target of decline is dynamic support 9147 (lower Bollinger band). But most likely it will be broken as well. Optimal area to enter short-trades is pivot 9686.

Expectations:

Decline towards 9147 and 9000. Prior testing of the 9686 level may take place.

Trading recommendations:

Shorts from 9686 to 9147 and 9000.

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