Daily chart:
Another attempt of bulls to post a new high has ended up with signal from RSI oscillator of bearish divergence forming, that is one of indirect attributes of probable downward reversal of the trend.
Thus the psychological mark of $6000 for a coin remains too distant to reckon on it shortly. More likely scenario now is development of downward wave towards the middle Bollinger bands ($5189) first and then towards the lower band (4869).
H4-chart:
Local downward wave will definitely meet strong support at PPZ 5400-5401 (the region of merging with middle Bollinger band). But it looks like bulls don’t have good prospects now, therefore it’s better to consider upward pullback from the seeking of new short-signals point of view.
H1-chart:
Intraday we note an extra strong signal of decline continuation - it’s break of the lower Bollinger band, that as a rule is being executed through prior pullback towards the middle Bollinger band ($5573 for a coin).
Expectations:
Main scenario: Pullback to the 5573 zone and then decline in direction 5401.
Alternative scenario: Decline towards 5401 from current levels and then pullback to the 5573 level.
Trading recommendations:
Shorts from the 5573 level.
Longs from the 5401 level towards 5573.
Another attempt of bulls to post a new high has ended up with signal from RSI oscillator of bearish divergence forming, that is one of indirect attributes of probable downward reversal of the trend.
Thus the psychological mark of $6000 for a coin remains too distant to reckon on it shortly. More likely scenario now is development of downward wave towards the middle Bollinger bands ($5189) first and then towards the lower band (4869).
H4-chart:
Local downward wave will definitely meet strong support at PPZ 5400-5401 (the region of merging with middle Bollinger band). But it looks like bulls don’t have good prospects now, therefore it’s better to consider upward pullback from the seeking of new short-signals point of view.
H1-chart:
Intraday we note an extra strong signal of decline continuation - it’s break of the lower Bollinger band, that as a rule is being executed through prior pullback towards the middle Bollinger band ($5573 for a coin).
Expectations:
Main scenario: Pullback to the 5573 zone and then decline in direction 5401.
Alternative scenario: Decline towards 5401 from current levels and then pullback to the 5573 level.
Trading recommendations:
Shorts from the 5573 level.
Longs from the 5401 level towards 5573.