BTC/USD: technical analysis 29.03.2018

BTCUSDH429032018

Current trend

On the 4-hour chart, BTC/USD is falling along the lower line of the Bollinger Bands and testing the level of 7500.00 (Murray [0/8]), where is a high chance of an upward reverse.

The breakout and consolidation of the price below the level of 7500.00 will let BTC/USD reach the area of 7187.50 (Murray [-1/8])-6875.00 (Murray [-2/8]).

If BTC/USD cannot consolidate below the level of 7500.00, it will begin to grow to the area of 7812.50 (Murray [1/8]).

The breakout and consolidation of the price above the level of 7812.50 will let BTC/USD reach the level of 8125.00 (Murray [2/8]).

Technical indicators reflect the active maintenance of the current downward trend.

Bollinger Bands are directed down.

MACD histogram is in the negative zone keeping a signal for the opening of sell positions.

Stochastic’s lines are pointed downwards.

Support and resistance

Support levels: 7500.00, 7187.50, 6875.00,

Resistance levels: 7812, 8125.00, 8437.50.

Trading recommendations

Short positions can be opened below the level of 7500.00 with the target at around 7187.50-6875.00 and stop loss 7700.00.

Long positions can be opened above the level of 7812.50 with the target at around 8125.00-8437.50 and stop loss 7600.00.