Bitcoin

Bitcoin: technical analysis forex

Current trend, Bitcoin quotes show negative dynamics falling to the support level of 5312.50 (Murrey [2/8]).

On the H4 chart, technical indicators show that current trend is preserved. The volumes of MACD histogram are growing in the negative zone. Stochastic is directed downwards. Bollinger Bands are expanding, indicating an active continuation of the downtrend. If sellers manage to lower the rate below the level of 5312.50, the decline will continue to the area of 5156.25 (Murrey [1/8]). The development of correction in the short term is possible, but so far it seems unlikely.

A rebound from the level of 5312.50 and consolidation of the price above 5468.75 (Murrey [3/8]), corresponding to the center line of Bollinger Bands, will lead to an increase to 5625.00 (Murrey [4/8]), where there is a rather strong resistance level.

Support and resistance

Resistance levels: 5468.75, 5625.00, 5781.25.

Support levels: 5312.50, 5156.25, 5000.00.

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Trading tips

Short positions may be opened below 5312.50 with target at 5156.25 and stop loss at 5364.00.

Long positions may be opened above the level of 5468.75 with target at 5625.00 and stop loss at 5415.00.

 

Scenario

Timeframe Intraday
Recommendation SELL STOP
Entry Point 5300.00
Take Profit 5156.25
Stop Loss 5364.00
Key Levels 5000.00, 5156.25, 5312.50, 5468.75, 5625.00, 5781.25

 

Alternative scenario

 

Recommendation BUY STOP
Entry Point 5470.00
Take Profit 5625.00
Stop Loss 5415.00
Key Levels 5000.00, 5156.25, 5312.50, 5468.75, 5625.00, 5781.25

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