Technical analytics


The major continues flat around the area of middle Bollinger band (0.6555) on background of weak ADX. At the same time, bears have advantage in position for new decline in direction of lower Bollinger band (0.6407), since lower bands were broken before.


Final phase of upward movement in direction of the resistance 1.3097 (upper Bollinger band). Bands are stable and ADX resides in a weak zone, that makes probability of downward bounce quite high.


The major doesn’t have stable trend, being in a downward phase of the movement with completed downswing, that significantly lowers the further potential of decline. 


Ultimately short downswing is performed, that is fraught with upward reversal and to do that, bulls just need to break the high 0.7159 (watch the red arrow).


Growth of the major stalled at the area of middle Bollinger band (112.94), from where market can go down towards the area of lower Bollinger band (111.49).


Structure is in the stage of probable new downswing start in direction of the stiff support support area 181.37-187.75.


Mid-term flat of bitcoin around the area of middle Bollinger band (6443.01) continues


Downswing is fully completed, that may tell about potential upward reversal of the trend. At the same time, market didn’t generate direct signal for long-trades or stopping so far, therefore a flat on current levels is possible.


The negative sentiment prevailed on Wednesday. 


Brent remained in red figures yesterday. A fresh wave of selling interest emerged in the early Asian session.