BTCUSD market technical April 10, 2019
Daily chart:
ADX readings remain very high, that may tell about readiness of bitcoin to break the resistance $5318 (upper Bollinger band), that, in its turn, will drive to new phase of market distribution to the upside for $150-200.
H4-chart:
If we evaluate prospects of bitcoin on local time-frames, it can be well seen, that bulls got problems. In particular, RSI oscillator has distinct triple bearish convergence, that tells about steep weakening of upward potential.
Thus resistance at the 5318-5320 area is a key level to define further sentiment of the coin holders.
H1-chart:
On hourly chart a divergence of RSI can be noticed as well. Thus despite optimism about the last surge of bitcoin quotes, we expect downward reversal form the resistance level 5320. First sales targets can be $5190 and $5088 (middle and lower Bollinger bands).
Expectations:
We expect testing of the 5320 level and steep downward reversal in direction of the marks 5190 and 5088.
Trading recommendations:
Shorts from the 5320 level towards 5190 and 5088.
ADX readings remain very high, that may tell about readiness of bitcoin to break the resistance $5318 (upper Bollinger band), that, in its turn, will drive to new phase of market distribution to the upside for $150-200.
H4-chart:
If we evaluate prospects of bitcoin on local time-frames, it can be well seen, that bulls got problems. In particular, RSI oscillator has distinct triple bearish convergence, that tells about steep weakening of upward potential.
Thus resistance at the 5318-5320 area is a key level to define further sentiment of the coin holders.
H1-chart:
On hourly chart a divergence of RSI can be noticed as well. Thus despite optimism about the last surge of bitcoin quotes, we expect downward reversal form the resistance level 5320. First sales targets can be $5190 and $5088 (middle and lower Bollinger bands).
Expectations:
We expect testing of the 5320 level and steep downward reversal in direction of the marks 5190 and 5088.
Trading recommendations:
Shorts from the 5320 level towards 5190 and 5088.
Penafian
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