Bitcoin: technical analysis
09 May 2018, 10:59
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 8900.00 |
| Take Profit | 8750.00, 8593.75 |
| Stop Loss | 9000.00 |
| Key Levels | 8593.75, 8750.00, 8906.25, 9062.50, 9218.75, 9375.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 9200.00 |
| Take Profit | 9375.00, 9531.25 |
| Stop Loss | 9100.00 |
| Key Levels | 8593.75, 8750.00, 8906.25, 9062.50, 9218.75, 9375.00 |
Current trend
On H4 chart, Bitcoin's quotes are declining along the lower border of Bollinger Bands and approaching the support level of 8906.25 (Murray [1/8]). The breakdown and consolidation of the instrument below this level will open the Bitcoin path to the area of 8750.00 (Murray [0/8]) - 8437.50 (Murray [-2/8]), from which a reversal and formation of an upward trend are possible.
Technical indicators show the preservation of the potential of the downward trend while allowing the probability of developing an upward correction in the short term. MACD volumes are growing in the negative zone keeping the sale signal. Bollinger Bands are directed downwards. Stochastic lines are directed upwards, indicating the probability of development of an ascending correction.
The main purpose of the correction may be the level of 9375.00 (Murray [4/8]), which also corresponds to the midline of Bollinger Bands. This scenario will become relevant when the instrument consolidates above the 9130.00 mark.
Support and resistance
Support levels: 8906.25, 8750.00, 8593.75.
Resistance levels: 9062.50, 9218.75, 9375.00.
Trading tips
Sell positions may be opened below 8906.25 mark with targets at 8750.00-8593.75 area and stop-loss at 9000.00.
Buy positions may be opened above 9130.00 mark with targets at 9375.00-9531.25 area and stop-loss at 9100.00.
On H4 chart, Bitcoin's quotes are declining along the lower border of Bollinger Bands and approaching the support level of 8906.25 (Murray [1/8]). The breakdown and consolidation of the instrument below this level will open the Bitcoin path to the area of 8750.00 (Murray [0/8]) - 8437.50 (Murray [-2/8]), from which a reversal and formation of an upward trend are possible.
Technical indicators show the preservation of the potential of the downward trend while allowing the probability of developing an upward correction in the short term. MACD volumes are growing in the negative zone keeping the sale signal. Bollinger Bands are directed downwards. Stochastic lines are directed upwards, indicating the probability of development of an ascending correction.
The main purpose of the correction may be the level of 9375.00 (Murray [4/8]), which also corresponds to the midline of Bollinger Bands. This scenario will become relevant when the instrument consolidates above the 9130.00 mark.
Support and resistance
Support levels: 8906.25, 8750.00, 8593.75.
Resistance levels: 9062.50, 9218.75, 9375.00.
Trading tips
Sell positions may be opened below 8906.25 mark with targets at 8750.00-8593.75 area and stop-loss at 9000.00.
Buy positions may be opened above 9130.00 mark with targets at 9375.00-9531.25 area and stop-loss at 9100.00.
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