According to the H1 time – frame, I found that Bitcoin is in the upward corrective phase but it is going on slow tempo, which is a sign that buyers don’t have enough power for larger upward correction. The trend is downward and my advice is to watch for potential selling opportuntiies if you see a breakout of the support trendline. The downward target is set at the price of $5.709.
Support/Resistance
$6.115 – Intraday resistance
$5.838– Intraday support
$5.709 – Objective target
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company – www.instaforex.com
Trading recommendations:
According to the H1 time – frame, I found that Bitcoin is in the upward corrective phase but it is going on slow tempo, which is a sign that buyers don’t have enough power for larger upward correction. The trend is downward and my advice is to watch for potential selling opportuntiies if you see a breakout of the support trendline. The downward target is set at the price of $5.709.
Support/Resistance
$6.115 – Intraday resistance
$5.838– Intraday support
$5.709 – Objective target
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company – www.instaforex.com
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