Bitcoin: technical analysis

Current trend, Bitcoin quotes are trading below the center line of Bollinger Bands at the level of 3750.00 (Murrey [0/8]).At the level of 3750.00 there is a rather strong support level, from which a rebound is possible and a return to the level of 3906.25 (Murrey [1/8]).

If sellers manage to consolidate the rate below the level of 3750.00, the decline will continue to the area of 3593.75 (Murrey [–1/8]). Technical indicators show that moderate downtrend is preserved. Stochastic lines are directed downwards. Bollinger Bands demonstrate convergence, confirming the current trend towards a moderate decrease. MACD volumes are insignificant and move along the zero line, indicating relative calm in the market and a sideways trading trend.

Support and resistance

Resistance levels: 3906.25, 4062.50, 4218.75.

Support levels: 3750.00, 3593.75, 3437.50.


Trading tips

Short positions may be opened below 3750.00 with target at 3593.75 and stop loss at 3780.00.

Long positions may be opened above the level of 3906.25 with target at 4062.50 and stop loss at 3865.00.

Implementation time: 3-5 days.



Timeframe Weekly
Recommendation SELL STOP
Entry Point 3740.00
Take Profit 3593.75
Stop Loss 3780.00
Key Levels 3437.50, 3593.75, 3750.00, 3906.25, 4062.50, 4218.75


Alternative scenario


Recommendation BUY STOP
Entry Point 3910.00
Take Profit 4062.50
Stop Loss 3865.00
Key Levels 3437.50, 3593.75, 3750.00, 3906.25, 4062.50, 4218.75

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