Bitcoin: technical analysis

Current trend, After active reduction of the previous days, Bitcoin quotes tested the level of 4033.15, and then corrected to the level of 4375.00 (Murrey [2/8]), where they are currently traded. If the current dynamics is maintained, the upward correction may continue to the area of 4687.50 (Murrey [3/8])–5000.00 (Murrey [4/8]). Consolidation of the price above the level of 4375.00 will increase the likelihood of such a scenario.

One may speak about the continuation of the downtrend after the price consolidates below 4062.50 (Murrey [1/8]). In this case, the next target of sellers will be at 3750.00 (Murrey [0/8]).

Technical indicators generally indicate downtrend preservation, but do not exclude the development of an upward correction in the short term.

Stochastic lines are directed upwards. MACD volumes declined slightly in the negative zone, indicating correction of the rate. Bollinger Bands are directed downwards; however, the breakdown of the lower limit of the bands indicates the probability of an upward rate correction with the main target at 5000.00 (the center line of Bollinger Bands).

Support and resistance

Resistance levels: 4375.00, 4687.50, 5000.00.

Support levels: 4062.50, 3750.00, 3437.50.


Trading tips

Long positions may be opened above the level of 4375.00 with target at 4687.50 and stop loss at 4304.00.

Short positions may be opened below the level of 4062.50 with target at 3750.00 and stop loss at 4146.00.



Timeframe Intraday
Recommendation BUY STOP
Entry Point 4400.00
Take Profit 4687.50
Stop Loss 4304.00
Key Levels 3437.50, 3750.00, 4062.50, 4375.00, 4687.50, 5000.00


Alternative scenario


Recommendation SELL STOP
Entry Point 4050.00
Take Profit 3750.00
Stop Loss 4146.00
Key Levels 3437.50, 3750.00, 4062.50, 4375.00, 4687.50, 5000.00

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