Bitcoin: technical analysis
03 June 2019, 10:55
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 8800.00 |
| Take Profit | 9375.00, 10000.00 |
| Stop Loss | 8400.00 |
| Key Levels | 6875.00, 7500.00, 8125.00, 8750.00, 9375.00, 10000.00 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 8025.00 |
| Take Profit | 7500.00, 6875.00 |
| Stop Loss | 8450.00 |
| Key Levels | 6875.00, 7500.00, 8125.00, 8750.00, 9375.00, 10000.00 |
Current trend
Last week, Bitcoin quotes repeatedly tested the level of 8750.00 (Murrey [6/8]), but have not yet been able to consolidate above it. However, if this happens, the price will continue to rise to the upper boundary of the Murrey trading range to the levels of 9375.00 (Murrey [7/8]) and 10000.00 (Murrey [8/8]). The level of 8125.00 at the center line of Bollinger Bands is seen as the key level for the "bears". In case of its breakdown, a correction to 7500.00 (Murrey [4/8]) and 6875.00 (Murrey [3/8]) is possible. In general, the uptrend is still preserved, as evidenced by the upward reversal of Bollinger Bands and Stochastic. However, MACD histogram is declining in the positive zone, which indicates a reduction in the volume of long positions in the market and does not exclude the onset of a downward correction.
Support and resistance
Resistance levels: 8750.00, 9375.00, 10000.00.
Support levels: 8125.00, 7500.00, 6875.00.
Trading tips
Long positions may be opened above the level of 8750.00 with targets at 9375.00, 10000.00 and stop loss at 8400.00.
Short positions may be opened below the level of 8125.00 with targets at 7500.00, 6875.00 and stop loss at 8450.00.
Implementation time: 3-4 days.
Last week, Bitcoin quotes repeatedly tested the level of 8750.00 (Murrey [6/8]), but have not yet been able to consolidate above it. However, if this happens, the price will continue to rise to the upper boundary of the Murrey trading range to the levels of 9375.00 (Murrey [7/8]) and 10000.00 (Murrey [8/8]). The level of 8125.00 at the center line of Bollinger Bands is seen as the key level for the "bears". In case of its breakdown, a correction to 7500.00 (Murrey [4/8]) and 6875.00 (Murrey [3/8]) is possible. In general, the uptrend is still preserved, as evidenced by the upward reversal of Bollinger Bands and Stochastic. However, MACD histogram is declining in the positive zone, which indicates a reduction in the volume of long positions in the market and does not exclude the onset of a downward correction.
Support and resistance
Resistance levels: 8750.00, 9375.00, 10000.00.
Support levels: 8125.00, 7500.00, 6875.00.
Trading tips
Long positions may be opened above the level of 8750.00 with targets at 9375.00, 10000.00 and stop loss at 8400.00.
Short positions may be opened below the level of 8125.00 with targets at 7500.00, 6875.00 and stop loss at 8450.00.
Implementation time: 3-4 days.
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