BTC/USD: technical analysis 05.04.2018

BTCUSDH405042018

Current trend

On 4-hour chart, BTC/USD is correcting up from the lower line of the Bollinger Bands and testing the resistance level of 6875.00 (Murray [2/8]).

If BTC/USD cannot consolidate above the level of 6875.00, the downward trend restoration and retest of the level 6562.50 (Murray [1/8]), 6250.00 (Murray [0/8]) are possible.

Breakout and consolidation of the price above the level of 6875.00 (Murray [5/8]) will let BTC/USD reach the level of 7187.50 (Murray [3/8])-7500.00 (Murray [4/8]).

The technical picture is mixed.

Bollinger Bands are pointed sideways, reflecting the relative calmness of the markets and sideways movement of the price.

MACD volumes are in the negative zone and are moving along the zero line, keeping a signal for the opening of sell positions.

Stochastic’s lines are pointed upwards.

Support and resistance

Support levels: 6562.50, 6250.00, 5937.50

Resistance levels: 6875.00, 7187.50, 7500.00.

Trading recommendations

Short positions can be opened below the level of 6562.50 with the target at around 6250.00-5937.50 and stop-loss 6800.00.

Long positions can be opened above the level of 6875.00 with the target at around 7187.50-7500.00 and stop-loss 6700.00.