Bitcoin: technical analysis
14 May 2018, 11:24
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL |
| Entry Point | 8363.00 |
| Take Profit | 8125.00, 7812.50 |
| Stop Loss | 8530.00 |
| Key Levels | 7500.00, 7812.50, 8125.00, 8437.50, 8750.00, 9062.50 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 8550.00 |
| Take Profit | 8750.00, 9062.50 |
| Stop Loss | 8400.00 |
| Key Levels | 7500.00, 7812.50, 8125.00, 8437.50, 8750.00, 9062.50 |
Current trend
On the 4-hour chart, Bitcoin prices after a short-term upward correction weakened below the middle line of Bollinger Bands (8437.50) and can decrease further, to the area of the levels of 8125.00 (Murray [2/8])–7812.50 (Murray [1/8]). Technical indicators reflect the moderate development of the current downward trend. Bollinger Bands are pointed вниз. MACD histogram is actively growing in the negative zone, keeping the sell signal. Stochastic lines are pointed downwards.
The growth will restore after the consolidation of the price above the level of 8437.50. In this case, the buyers’ targets will be at the level of 8750.00 (Murray [4/8])–9062.50 (Murray [5/8]).
Support and resistance
Resistance levels: 8437.50, 8750.00, 9062.50.
Support levels: 8125.00, 7812.50, 7500.00.
Trading tips
Short positions can be opened below the level of 8437.50 with the target at around 8125.00–7812.50 and stop loss 8530.00.
Long positions can be opened above the level of 8500.00 with the targets at around 8750.00–9062.50 and stop loss 8400.00.
On the 4-hour chart, Bitcoin prices after a short-term upward correction weakened below the middle line of Bollinger Bands (8437.50) and can decrease further, to the area of the levels of 8125.00 (Murray [2/8])–7812.50 (Murray [1/8]). Technical indicators reflect the moderate development of the current downward trend. Bollinger Bands are pointed вниз. MACD histogram is actively growing in the negative zone, keeping the sell signal. Stochastic lines are pointed downwards.
The growth will restore after the consolidation of the price above the level of 8437.50. In this case, the buyers’ targets will be at the level of 8750.00 (Murray [4/8])–9062.50 (Murray [5/8]).
Support and resistance
Resistance levels: 8437.50, 8750.00, 9062.50.
Support levels: 8125.00, 7812.50, 7500.00.
Trading tips
Short positions can be opened below the level of 8437.50 with the target at around 8125.00–7812.50 and stop loss 8530.00.
Long positions can be opened above the level of 8500.00 with the targets at around 8750.00–9062.50 and stop loss 8400.00.
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