Bitcoin: technical analysis
02 April 2018, 11:55
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 6800.00 |
| Take Profit | 6562.50, 6250.00 |
| Stop Loss | 7000.00 |
| Key Levels | 5937.50, 6562.50, 6875.00, 7187.50, 7500.00, 7812.50 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 7200.00 |
| Take Profit | 7500.00, 7812.50 |
| Stop Loss | 7007.00 |
| Key Levels | 5937.50, 6562.50, 6875.00, 7187.50, 7500.00, 7812.50 |
Current trend
Quotes of Bitcoin after the fall in the area of 6425.10 adjusted to the level of 6875.00 (Murray [2/8]). Currently, trading activity is low.
Technical indicators point at the moderate preservation of the upward trend. Bollinger Bands demonstrate slight diversion. MACD histogram volumes decrease in the negative area, indicating the growing influence of customers. Stochastic lines are directed upwards. One may speak about the continuation of the downward trend after the price consolidates above 6875.00 (Murray [2/8]). In this case, the next targets of the sellers will be the levels of 6562.50 (Murray [1/8]), 6250.00 (Murray [0/8]). The rebound from the level of 6875.00 and the consolidation of the rate above the level of 7187.50 (Murray [3/8]) will signal the formation of an upward movement and open the Bitcoin way to the area of 7500.00 (Murray [4/8]), 7812.50 (Murray [5/8]).
Support and resistance
Support levels: 6875.00, 6562.50, 5937.50.
Resistance levels: 7187.50, 7500.00, 7812.50.
Trading tips
Sell positions should be opened below the level of 6875.00 with targets at 6562.50–6250.00 and stop-loss at 7000.00.
Buy positions may be opened above the level of 7187.50 with targets at 7500.00–7812.50 and stop-loss at 7007.00.
Quotes of Bitcoin after the fall in the area of 6425.10 adjusted to the level of 6875.00 (Murray [2/8]). Currently, trading activity is low.
Technical indicators point at the moderate preservation of the upward trend. Bollinger Bands demonstrate slight diversion. MACD histogram volumes decrease in the negative area, indicating the growing influence of customers. Stochastic lines are directed upwards. One may speak about the continuation of the downward trend after the price consolidates above 6875.00 (Murray [2/8]). In this case, the next targets of the sellers will be the levels of 6562.50 (Murray [1/8]), 6250.00 (Murray [0/8]). The rebound from the level of 6875.00 and the consolidation of the rate above the level of 7187.50 (Murray [3/8]) will signal the formation of an upward movement and open the Bitcoin way to the area of 7500.00 (Murray [4/8]), 7812.50 (Murray [5/8]).
Support and resistance
Support levels: 6875.00, 6562.50, 5937.50.
Resistance levels: 7187.50, 7500.00, 7812.50.
Trading tips
Sell positions should be opened below the level of 6875.00 with targets at 6562.50–6250.00 and stop-loss at 7000.00.
Buy positions may be opened above the level of 7187.50 with targets at 7500.00–7812.50 and stop-loss at 7007.00.
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