Technical analytics

BTCUSD market technical outlook


Daily chart:

Bitcoin was actively driven to lower Bollinger bands today, that opens room for short-trades in direction of the 3597 level (lower Bollinger band).


Brutal break of the lower Bollinger bands is also a signal for further drop of the quotes. At the same time ADX stands in a weak zone, that leaves a probability of prior pullback of the market towards the middle Bollinger band (3958), where at this moment the most perspective area for opening new short-trades resides.


Four bars in a row beyond the borders of Bollinger bands is an important sign of probable upward correction. Thus the main expectation is pullback of the price towards the middle Bollinger band (3926) before continuation of decline.


Main scenario: Pullback to 3926 and then continuation of decline in direction 3597.

Alternative scenario: Drop to 3597 from current levels without prior retracement.

Trading recommendations:

Short-trades from the 3926 level to 3597.

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