BTC price has been trading upwards in past few hours and the level of $5.462 got tested. There is potential for more upside on the near term.
Red line – major resistance trend line * broken
Green rectangle – strong support based on price action
Blue horizontal line – Major short-term resistance
BTC price broke above the important $5.443 resistance trendline and on that way confirmed further strength. Most recently that price did reject from the strong support zone (green rectangle) at $5.368, which is sign that buyers came into the market. MACD is showing bullish divergence, which is another sign of the potential strength. Upward target at the price of $5.596.
The material has been provided by InstaForex Company – www.instaforex.com
BTC price has been trading upwards in past few hours and the level of $5.462 got tested. There is potential for more upside on the near term.
Red line – major resistance trend line * broken
Green rectangle – strong support based on price action
Blue horizontal line – Major short-term resistance
BTC price broke above the important $5.443 resistance trendline and on that way confirmed further strength. Most recently that price did reject from the strong support zone (green rectangle) at $5.368, which is sign that buyers came into the market. MACD is showing bullish divergence, which is another sign of the potential strength. Upward target at the price of $5.596.
The material has been provided by InstaForex Company – www.instaforex.com
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