Daily chart:
As we see our yesterday’s forecast regarding downward reversal of the coin on the back of buyers’ weakness (that was reflected in the strong bearish divergence of RSI) proves itself - close of the market took place much higher than the opening and today there are all premises for further development of downward wave in direction of the middle and lower Bollinger bands ($5198 and $4857).
H4-chart:
Local dynamic support at the area of middle Bollinger band (5448) is capable to reject the market to the upside a bit. However this scarcely will change overall downward dynamics in direction of the 5200 level (lower Bollinger band).
H1-chart:
Downward movement after previously broken lower Bollinger band still wasn’t triggered. It can be seen as bears continuously test the area of middle Bollinger band (5467), where apparently the necessary sell volume is being accumulated. Slump of the quotes may take place at any moment to the 5319 level with further prospects of movement towards 5200.
Expectations:
Decline towards 5319 and perhaps 5200.
Trading recommendations:
Shorts towards 5319 and 5200.
As we see our yesterday’s forecast regarding downward reversal of the coin on the back of buyers’ weakness (that was reflected in the strong bearish divergence of RSI) proves itself - close of the market took place much higher than the opening and today there are all premises for further development of downward wave in direction of the middle and lower Bollinger bands ($5198 and $4857).
Local dynamic support at the area of middle Bollinger band (5448) is capable to reject the market to the upside a bit. However this scarcely will change overall downward dynamics in direction of the 5200 level (lower Bollinger band).
H1-chart:
Downward movement after previously broken lower Bollinger band still wasn’t triggered. It can be seen as bears continuously test the area of middle Bollinger band (5467), where apparently the necessary sell volume is being accumulated. Slump of the quotes may take place at any moment to the 5319 level with further prospects of movement towards 5200.
Expectations:
Decline towards 5319 and perhaps 5200.
Trading recommendations:
Shorts towards 5319 and 5200.