Bitcoin: technical analysis
09 April 2018, 11:57
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 7550.00 |
| Take Profit | 7812.50, 8125.00 |
| Stop Loss | 7350.00 |
| Key Levels | 6562.50, 6875.00, 7187.50, 7500.00, 7812.50, 8125.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 7000.00 |
| Take Profit | 6875.00, 6562.50 |
| Stop Loss | 7150.00 |
| Key Levels | 6562.50, 6875.00, 7187.50, 7500.00, 7812.50, 8125.00 |
Current trend
Bitcoin price began to grow but met a resistance at the level of 7500.00 (Murray [4/8]) and was corrected downwards to the level of 7075.00, which corresponds with the middle line of Bollinger Bands. At the level, the reverse is possible, while the breakdown of it will let the instrument decrease to the area of 6875.00 (Murray [2/8])–6562.50 (Murray [1/8]).
Technical indicators reflect the maintenance of the upward movement potential but do not exclude the possibility of the downward correction. MACD volumes are slowly growing in the positive zone. Bollinger Bands are pointed upwards; however, the price has broken the upward border of the indicator, which reflects the downward correction possibility. Stochastic is directed downwards.
The upward trend will restore after the breakout and consolidation of the price above the level of 7500.00. The next targets of buyers will be the levels of 7812.50 (Murray [5/8])–8125.00 (Murray [6/8]).
Support and resistance
Resistance levels: 7500.00, 7812.50, 8125.00.
Support levels: 7187.50, 6875.00, 6562.50.
Trading tips
Long positions can be opened above the level of 7500.00 with the targets at around 7812.50–8125.00 and stop loss 7350.00.
Short positions can be opened below the level of 7075.00 with the targets at around 6875.00–6562.50 and stop loss 7150.00.
Bitcoin price began to grow but met a resistance at the level of 7500.00 (Murray [4/8]) and was corrected downwards to the level of 7075.00, which corresponds with the middle line of Bollinger Bands. At the level, the reverse is possible, while the breakdown of it will let the instrument decrease to the area of 6875.00 (Murray [2/8])–6562.50 (Murray [1/8]).
Technical indicators reflect the maintenance of the upward movement potential but do not exclude the possibility of the downward correction. MACD volumes are slowly growing in the positive zone. Bollinger Bands are pointed upwards; however, the price has broken the upward border of the indicator, which reflects the downward correction possibility. Stochastic is directed downwards.
The upward trend will restore after the breakout and consolidation of the price above the level of 7500.00. The next targets of buyers will be the levels of 7812.50 (Murray [5/8])–8125.00 (Murray [6/8]).
Support and resistance
Resistance levels: 7500.00, 7812.50, 8125.00.
Support levels: 7187.50, 6875.00, 6562.50.
Trading tips
Long positions can be opened above the level of 7500.00 with the targets at around 7812.50–8125.00 and stop loss 7350.00.
Short positions can be opened below the level of 7075.00 with the targets at around 6875.00–6562.50 and stop loss 7150.00.
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