According to the M15 time – frame, I found that BTC has been trading downwards. The price tested the level of $3.263. I also found that BTC is trading in the consolidation channel (a bearish flag), which is a potential re-distribution zone for more downside movement. My advice is to watch for a breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of $2.961.
Support/Resistance
$3.380– Intraday resistance
$3.263– Intraday support
$2.961 – Objective target 1
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 M15 time – frame, I found that BTC has been trading downwards. The price tested the level of $3.263. I also found that BTC is trading in the consolidation channel (a bearish flag), which is a potential re-distribution zone for more downside movement. My advice is to watch for a breakout of the support trendline to confirm further downward continuation. The downward target is set at the price of $2.961.
Support/Resistance
$3.380– Intraday resistance
$3.263– Intraday support
$2.961 – Objective target 1
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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