Bitcoin: technical analysis

Current trend, After several attempts to consolidate above the level of 4218.75 (Murrey [7/8]), Bitcoin quotes moved to the downward correction phase. The level of 3950.00 corresponding to the center line of Bollinger Bands is the main target of the correction. A rebound and resumption of growth with a repeated test of 4218.75 is likely from the level of 3950.00, while the breakdown and price consolidating below 3950.00 will signal a downward trend and will open Bitcoin the way to 3750.00 (Murrey [4/8]).

Technical indicators show the preservation of the downtrend potential. MACD volumes decrease in the positive zone. Stochastic left the oversold zone and is directed downwards. Bollinger Bands diverge, indicating an active continuation of the current uptrend.

Support and resistance

Resistance levels: 4218.75, 4375.00, 4531.25.

Support levels: 4062.50, 3906.25, 3750.00.


Trading tips

Short positions may be opened below the level of 4062.50 with target at 3950.00 and stop loss at 4080.00.

Long positions may be opened above the level of 4218.75 with target at 4375.00 and stop loss at 3708.00.



Timeframe Intraday
Recommendation SELL STOP
Entry Point 4050.00
Take Profit 3950.00
Stop Loss 4080.00
Key Levels 3750.00, 3906.25, 4062.50, 4218.75, 4375.00, 4531.25


Alternative scenario


Recommendation BUY STOP
Entry Point 4220.00
Take Profit 4375.00
Stop Loss 3708.00
Key Levels 3750.00, 3906.25, 4062.50, 4218.75, 4375.00, 4531.25

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