BTC has been trading continues to trade sideways at the price of $5.192 and with very slow momentum. BTC is in indecision zone and we would need further confirmation before the next direction.
According to the H1 time-frame, we found that ADX reading is below 30 and, which is sign that short-term trend is weak and sideways price action is present. We found potential for ascending triangle in creation but the price would need to break the resistance at $5.326 and then successfully test it before we start to buy again. If the resistance at the price of $5.326 holds, sell off will be possible. The breakout of the support at $5.000 may confirm downward scenario and potential test of $4.636.
Trading recommendation: We are neutral but we are closely observing potential breakout of the support or resistance to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
BTC has been trading continues to trade sideways at the price of $5.192 and with very slow momentum. BTC is in indecision zone and we would need further confirmation before the next direction.
According to the H1 time-frame, we found that ADX reading is below 30 and, which is sign that short-term trend is weak and sideways price action is present. We found potential for ascending triangle in creation but the price would need to break the resistance at $5.326 and then successfully test it before we start to buy again. If the resistance at the price of $5.326 holds, sell off will be possible. The breakout of the support at $5.000 may confirm downward scenario and potential test of $4.636.
Trading recommendation: We are neutral but we are closely observing potential breakout of the support or resistance to confirm further direction.
The material has been provided by InstaForex Company – www.instaforex.com
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