Current dynamics
The Bitcoin quotes 0.20% continue to fall moderately.
After having tried to break the support level of 7812.50 (Murrey) the price was corrected upwards to the middle line of the Bollinger Bands (8125.00), however, the potential of the downward movement is still maintained. In case of breakage and fixing below the level of 7812.50 the next target of the sellers will be the levels of 7500.00 (Murrey) -7187.50 (Murrey). The resumption of growth will be possible after consolidation of the price above the average line of the Bollinger Bands (8125.00). In this case, the prospect for price growth will open at the levels of 8437.50 (Murrey) -8750.00 (Murrey).
The technical indicators, in general, maintain a signal for sale, but do not rule out a short-term upward correction.
Support and resistance levels
Levels of resistance: 8125.00, 8437.50, 8750.00.
Support levels: 7812.50, 7500.00, 7187.50.
Business scenarios
Short positions can be opened below the 7812.50 level with the targets at 7500.00-7187.50 and stop-loss at the 8000.00 level.
Long positions can be opened above the 8125.00 level with the targets at 8437.50-8750.00 and stop-loss at the 7900.00 level.
Stage
Timeframe During the day
SELL STOP Recommendation
Entry point 7800.00
Take Profit 7500.00, 7187.50
Stop Loss 8000.00
Key levels 7187.50, 7500.00, 7812.50, 8125.00, 8437.50, 8750.00
Alternative scenario
Recommendation BUY STOP
Entry point 8200.00
Take Profit 8437.50, 8750.00
Stop Loss 7900.00
Key levels 7187.50, 7500.00, 7812.50, 8125.00, 8437.50, 8750.00