BTCUSD market technical April 5, 2019
Daily chart:
Bitcoin continues to consolidate at the 4935-5000 area before probable continuation of upward rally. ADX stands in a strong zone, though we have to admit strong overbought conditions on the market, that can make the quotes to correct to the downside first.
H4-chart:
Locally the last peak of the coin wasn’t confirmed by the same peak on the chart of RSI oscillator (so called bearish divergence), that can be evidence of buyers’ weakening. Correspondingly a decline can take place towards the lower Bollinger band ($4700 for a coin) before continuation of growth.
H1-chart:
On hourly chart a triple divergence of RSI can be easily noticed as well as weak flat ADX. It looks like market needs to get some strength and energy before the next active phase. Trading range is limited by Bollinger bands (4700-5160).
Expectations:
Flat in the 4700-5160 range.
Trading recommendations:
Trading within the 4700-5160 channel.
Bitcoin continues to consolidate at the 4935-5000 area before probable continuation of upward rally. ADX stands in a strong zone, though we have to admit strong overbought conditions on the market, that can make the quotes to correct to the downside first.
H4-chart:
Locally the last peak of the coin wasn’t confirmed by the same peak on the chart of RSI oscillator (so called bearish divergence), that can be evidence of buyers’ weakening. Correspondingly a decline can take place towards the lower Bollinger band ($4700 for a coin) before continuation of growth.
H1-chart:
On hourly chart a triple divergence of RSI can be easily noticed as well as weak flat ADX. It looks like market needs to get some strength and energy before the next active phase. Trading range is limited by Bollinger bands (4700-5160).
Expectations:
Flat in the 4700-5160 range.
Trading recommendations:
Trading within the 4700-5160 channel.
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