BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Current trend

Bitcoin price is moderately decreasing.

After the test of the support level of 7812.50 (Murray ) the instrument was corrected upwards to the area of the middle line of Bollinger Bands (8125.00), however, the downward movement potential maintains. In case of the breakdown and the consolidation of the price below the level of 7812.50, the next sellers’ target will be the levels of 7500.00 (Murray )–7187.50 (Murray ). The growth will restore after the price is set above the middle line of Bollinger Bands (8125.00). In this case, the price can grow to the levels of 8437.50 (Murray )–8750.00 (Murray ).

Technical indicators mostly maintain the sell signal but do not exclude the upward correction in the short term.

Support and resistance

Resistance levels: 8125.00, 8437.50, 8750.00.

Support levels: 7812.50, 7500.00, 7187.50.

Trading tips

Short positions can be opened below the level of 7812.50 with the targets at around 7500.00–7187.50 and stop loss 8000.00.

Long positions can be opened above the level of 8125.00 with the targets at around 8437.50–8750.00 and stop loss 7900.00.

Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 7800.00
Take Profit 7500.00, 7187.50
Stop Loss 8000.00
Key Levels 7187.50, 7500.00, 7812.50, 8125.00, 8437.50, 8750.00
Alternative scenario
Recommendation BUY STOP
Entry Point 8200.00
Take Profit 8437.50, 8750.00
Stop Loss 7900.00
Key Levels 7187.50, 7500.00, 7812.50, 8125.00, 8437.50, 8750.00
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