Bitcoin: technical analysis
23 January 2019, 10:03
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 3550.00 |
| Take Profit | 3515.63, 3476.56 |
| Stop Loss | 3576.00 |
| Key Levels | 3437.50, 3476.56, 3515.63, 3554.69, 3593.75, 3632.81, 3671.88, 3710.94 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 3595.00 |
| Take Profit | 3632.81, 3671.88 |
| Stop Loss | 3569.00 |
| Key Levels | 3437.50, 3476.56, 3515.63, 3554.69, 3593.75, 3632.81, 3671.88, 3710.94 |
Current trend
Bitcoin quotes attempted to grow but failed to consolidate above 3593.75 (Murrey [4/8]), and the course moved to the downward correction phase. Currently, the instrument is testing the level of 3554.69 (Murrey [3/8]), which coincides with the middle line of Bollinger bands. A breakdown and price fixing below this level will let Bitcoin decrease to the area of 3515.63–3476.56. If buyers manage to fix the rate above the level of 3593.75 (Murrey [4/8]), then it may continue the growth to the levels of 3632.81–3671.88.
Technical indicators mainly reflect a moderate continuation of the downward trend. Bollinger bands are converging. MACD is in the negative zone. Stochastic has left the oversold zone and is directed downwards, signaling the development of a downward trend.
Support and resistance
Resistance levels: 3593.75, 3632.81, 3671.88, 3710.94.
Support levels: 3554.69, 3515.63, 3476.56, 3437.50.
Trading tips
Short positions can be opened below the level of 3554.69 with the targets around 3515.63–3476.56 and stop loss 3576.00.
Long positions can be opened above the level of 3593.75 with the targets around 3632.81–3671.88 and stop loss 3569.00.
Implementation period: one day.
Bitcoin quotes attempted to grow but failed to consolidate above 3593.75 (Murrey [4/8]), and the course moved to the downward correction phase. Currently, the instrument is testing the level of 3554.69 (Murrey [3/8]), which coincides with the middle line of Bollinger bands. A breakdown and price fixing below this level will let Bitcoin decrease to the area of 3515.63–3476.56. If buyers manage to fix the rate above the level of 3593.75 (Murrey [4/8]), then it may continue the growth to the levels of 3632.81–3671.88.
Technical indicators mainly reflect a moderate continuation of the downward trend. Bollinger bands are converging. MACD is in the negative zone. Stochastic has left the oversold zone and is directed downwards, signaling the development of a downward trend.
Support and resistance
Resistance levels: 3593.75, 3632.81, 3671.88, 3710.94.
Support levels: 3554.69, 3515.63, 3476.56, 3437.50.
Trading tips
Short positions can be opened below the level of 3554.69 with the targets around 3515.63–3476.56 and stop loss 3576.00.
Long positions can be opened above the level of 3593.75 with the targets around 3632.81–3671.88 and stop loss 3569.00.
Implementation period: one day.
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