Daily chart:
Strong overbought conditions of the market put questions about prospects of bitcoin growth. But so far this doesn’t hamper bulls to aim in direction of the dynamic resistance zone 5525, where the upper Bollinger band resides. Thus it’s this mark, which is the closest actual target for buyers.
H4-chart:
Besides, any trending interest from ADX indicator is absent. At the same time Bollinger bands are in a stable horizontal state, that probably tells about further accumulation of potential in the range of $5117-5289 for a coin.
H1-chart:
We note strong intraday levels of support and resistance: 5150-5172/5259-5289. We can expect continuation of flat tendency in this channel.
But given active ADX, we can’t rule out break of the range in direction 5525.
Expectations:
Main scenario: Flat in the 5150-5289 range.
Alternative scenario: Break above 5289 will drive to growth of the quotes towards the 5525 region.
Trading recommendations:
Trading in the 5150-5289 channel.
Longs reckoning on growth towards 5525.
Shorts from the 5525 level.
Strong overbought conditions of the market put questions about prospects of bitcoin growth. But so far this doesn’t hamper bulls to aim in direction of the dynamic resistance zone 5525, where the upper Bollinger band resides. Thus it’s this mark, which is the closest actual target for buyers.
Besides, any trending interest from ADX indicator is absent. At the same time Bollinger bands are in a stable horizontal state, that probably tells about further accumulation of potential in the range of $5117-5289 for a coin.
We note strong intraday levels of support and resistance: 5150-5172/5259-5289. We can expect continuation of flat tendency in this channel.
But given active ADX, we can’t rule out break of the range in direction 5525.
Expectations:
Main scenario: Flat in the 5150-5289 range.
Alternative scenario: Break above 5289 will drive to growth of the quotes towards the 5525 region.
Trading recommendations:
Trading in the 5150-5289 channel.
Longs reckoning on growth towards 5525.
Shorts from the 5525 level.