Current trend
After the test of the maximum around 9042.40, Bitcoin was corrected to the area of the middle line of Bollinger Bands 8750.00, but the growth trend maintains, which is confirmed but the technical indicators. Bollinger Bands are pointed upwards.
The upward trend will restore after the price is set above the level of 9062.50 (Murray ). In this case, the instrument can grow to the area of 9424.50–9857.90. If it cannot consolidate above the level of 9062.50, the correction and retest of the level 8750.00 are expected. The breakout and consolidation below the level of 8750.00 will let Bitcoin decrease to the area of 8593.75(Murray )–8437.50 (Murray ).
Support and resistance
Support levels: 8750.00, 8593.75, 8437.50.
Resistance levels: 8906.25, 9062.50, 9424.50.
Trading tips
Short positions can be opened below the level of 8750.00 with the targets around 8593.75–8437.50 and stop loss 8850.00.
Long positions can be opened above the level of 9062.50 with the target around 9424.50 and stop loss 8900.00.
Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 8700.00
Take Profit 8593.75, 8437.50
Stop Loss 8850.00
Key Levels 8437.50, 8593.75, 8750.00, 8906.25, 9062.50, 9424.50
Alternative scenario
Recommendation BUY STOP
Entry Point 9070.00
Take Profit 9424.50
Stop Loss 8900.00
Key Levels 8437.50, 8593.75, 8750.00, 8906.25, 9062.50, 9424.50
After the test of the maximum around 9042.40, Bitcoin was corrected to the area of the middle line of Bollinger Bands 8750.00, but the growth trend maintains, which is confirmed but the technical indicators. Bollinger Bands are pointed upwards.
The upward trend will restore after the price is set above the level of 9062.50 (Murray ). In this case, the instrument can grow to the area of 9424.50–9857.90. If it cannot consolidate above the level of 9062.50, the correction and retest of the level 8750.00 are expected. The breakout and consolidation below the level of 8750.00 will let Bitcoin decrease to the area of 8593.75(Murray )–8437.50 (Murray ).
Support and resistance
Support levels: 8750.00, 8593.75, 8437.50.
Resistance levels: 8906.25, 9062.50, 9424.50.
Trading tips
Short positions can be opened below the level of 8750.00 with the targets around 8593.75–8437.50 and stop loss 8850.00.
Long positions can be opened above the level of 9062.50 with the target around 9424.50 and stop loss 8900.00.
Scenario
Timeframe Intraday
Recommendation SELL STOP
Entry Point 8700.00
Take Profit 8593.75, 8437.50
Stop Loss 8850.00
Key Levels 8437.50, 8593.75, 8750.00, 8906.25, 9062.50, 9424.50
Alternative scenario
Recommendation BUY STOP
Entry Point 9070.00
Take Profit 9424.50
Stop Loss 8900.00
Key Levels 8437.50, 8593.75, 8750.00, 8906.25, 9062.50, 9424.50