FortFS

BTCUSD 03.06.2019

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Daily chart:

Development of corrective downward wave is in progress. It’s early to discuss a full downward reversal of the trend, we just record a pullback. But actual targets of decline are middle and lower Bollinger bands (8090 and 7191). The second mark is apparently lies beyond one day.

H4-chart:

Locally the market resides in a downward phase, though overall range is kept as sideways so far. Thus we can expect decline of the quotes towards the lower wall of the sideways channel to the 8090-8168 zone.

H1-chart:

Active trending state of ADX indicator also speaks for decline continuation. However, we can’t rule out a prior pullback to the middle Bollinger band (8610), where the most optimal sell entry point resides.


Expectations:

Main scenario: Decline in direction 8090-8168.

Alternative scenario: Prior upward pullback to the 8610 region and following downward movement in direction of the 8090-8168 area.

Trading recommendations:

Shorts in direction 8090-8168. Optimal entry point is 8610.

Comments

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