FortFS

BTCUSD 11.06.2019

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

ADX indicator resides in a weak zone keeping downward correction mode. Thus it’s unlikely, that bitcoin will leave the range of lower Bollinger bands (7360-8145).

Nevertheless strategically bulls keep the chance for recovery of the coin towards the 8896 mark (upper Bollinger band ) during upcoming week.

H4-chart:

Locally we can confirm strong resistance at the 8145 level (merger of daily middle and H4-upper Bollinger bands ) on the back of ADX readings decline. Thus we can expect start of downward wave from this zone in direction of the support 7584 (lower Bollinger band ).

H1-chart:

Intraday volatility doesn’t exceed $100 - the coin is being traded within sideways channel inside Bollinger bands (7584-8145), where most likely it will spend the whole today’s session.


Expectations:

Flat in the 7584-8145 range.

Trading recommendations:

Shorts from the 7962 level towards 7584.

Comments

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