Bitcoin: technical analysis
22 July 2019, 10:35
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 9830.00 |
| Take Profit | 9375.00, 8750.00 |
| Stop Loss | 10200.00 |
| Key Levels | 8750.00, 9375.00, 10000.00, 11250.00, 12500.00, 13125.00, 13750.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 11350.00 |
| Take Profit | 12500.00, 13125.00 |
| Stop Loss | 10700.00 |
| Key Levels | 8750.00, 9375.00, 10000.00, 11250.00, 12500.00, 13125.00, 13750.00 |
Current trend
Last week, the dynamics of Bitcoin quotes was ambiguous. First, the price dropped to the level of 9050.00 but then regained lost positions and reached the middle line of Bollinger bands around 11050.00. Currently, the instrument is trading between 11050.00 and 10565.00, awaiting further drivers. To start serious growth, a breakdown through the zone 11050.00–11250.00 (the middle line of Bollinger bands, Murrey [5/8]) is required. In this case, the price may rise to the levels of 12500.00 (upper line of Bollinger bands, Murrey [6/8]) and 13125.00 (June highs, Murrey [5/8] H4). The key “bearish” level is 10,000.00 in the center of the Murrey trading range. Its breakdown will give the prospect of a price reduction to the levels of 9375.00 (Murrey [–1/8]) and 8750.00 (Murrey [3/8]).
Technical indicators admit the possibility of a decline. Stochastic starts to reverse in overbought zone. The MACD histogram is preparing to enter the negative zone.
Support and resistance
Resistance levels: 11250.00, 12500.00, 13125.00, 13750.00.
Support levels: 10000.00, 9375.00, 8750.00.
Trading tips
Short positions can be opened below the level of 10000.00 with the targets at 9375.00, 8750.00 and stop loss around 10200.00.
Long positions can be opened above the level of 11250.00 with the targets at 12500.00, 13125.00 and stop loss around 10700.00.
Implementation period: 3–4 days.
Last week, the dynamics of Bitcoin quotes was ambiguous. First, the price dropped to the level of 9050.00 but then regained lost positions and reached the middle line of Bollinger bands around 11050.00. Currently, the instrument is trading between 11050.00 and 10565.00, awaiting further drivers. To start serious growth, a breakdown through the zone 11050.00–11250.00 (the middle line of Bollinger bands, Murrey [5/8]) is required. In this case, the price may rise to the levels of 12500.00 (upper line of Bollinger bands, Murrey [6/8]) and 13125.00 (June highs, Murrey [5/8] H4). The key “bearish” level is 10,000.00 in the center of the Murrey trading range. Its breakdown will give the prospect of a price reduction to the levels of 9375.00 (Murrey [–1/8]) and 8750.00 (Murrey [3/8]).
Technical indicators admit the possibility of a decline. Stochastic starts to reverse in overbought zone. The MACD histogram is preparing to enter the negative zone.
Support and resistance
Resistance levels: 11250.00, 12500.00, 13125.00, 13750.00.
Support levels: 10000.00, 9375.00, 8750.00.
Trading tips
Short positions can be opened below the level of 10000.00 with the targets at 9375.00, 8750.00 and stop loss around 10200.00.
Long positions can be opened above the level of 11250.00 with the targets at 12500.00, 13125.00 and stop loss around 10700.00.
Implementation period: 3–4 days.
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