Bitcoin

Bitcoin: technical analysis forex

Current trend, After a significant drop and a test of 3446.90, Bitcoin price reversed into the upward correction phase and returned to the 4000.00 area. Currently, the instrument is trading around 4062.50 (Murrey [1/8]), corresponding to the middle line of Bollinger bands. From a technical point of view, a resumption of the downward trend is highly possible. If buyers fail to overcome the level of 4062.50, then the rate will return to the area of ​​3750.00 (Murrey [0/8]). A more active decline will be possible after the consolidation below the level of 3750.00. The return and price fixing above the middle line of Bollinger bands (4062.50) will be a signal for the formation of an upward trend and will let the price grow to 4375.00 (Murrey [2/8]).

Technical indicators reflect a resumption of the downward trend but the chance of the formation of an uptrend still remains. Bollinger bands are shifted downwards. Stochastic is out of the overbought zone and pointing down. MACD volumes are slowly declining in the negative zone, indicating a reduction in short positions.

Support and resistance

Resistance levels: 4062.50, 4375.00, 4687.50.

Support levels: 3750.00, 3437.50, 3125.00.

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Trading tips

Long positions can be opened above the level of 4062.50 with the targets near 4375.00 and stop loss 3965.00.

Short positions can be opened below 4000.00 with the targets around 3750.00 and stop loss 4040.00.

 

Scenario

Timeframe Intraday
Recommendation BUY STOP
Entry Point 4070.00
Take Profit 4375.00
Stop Loss 3965.00
Key Levels 3125.00, 3437.50, 3750.00, 4062.50, 4375.00, 4687.50

 

Alternative scenario

 

Recommendation SELL STOP
Entry Point 3990.00
Take Profit 3750.00
Stop Loss 4040.00
Key Levels 3125.00, 3437.50, 3750.00, 4062.50, 4375.00, 4687.50

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