Technical analytics

BTCUSD market technical outlook


Daily chart:

It looks like bulls have reached the growth limit at the area of $8044 for a coin (upper Bollinger band) - severe overbought conditions can force the market to correct in direction of the middle Bollinger band (6304 mark).


Another high unconfirmed by oscillator is received on the price chart (so called “divergence”). This indicates an accumulation of potential for downward reversal. The utmost region for growth seems to be the area of upper Bollinger band (8468).  


On hourly chart we also note the long-lasting bearish divergence of RSI. There are virtually no doubts, that bitcoin will reverse to the downside, BUT - we see a very weak ADX, that speaks for flat intraday scenario. Trading range is 7793-8253 (Bollinger bands).


Flat in the 7793-8253 range.

Trading recommendations:

Shorts from the 8253 level.