According to the H4 time – frame, I found that BTC is in a consolidation phase (potential bearish flag in creation), which is a sign that buying looks risky. The price is trading near the mid band of the Keltner channel. The short-mid term trend is down. My advice is to watch for selling opportunities if you see a breakout of the support trendline $3.200. The downward target is set at the price of $2.950.
Support/Resistance
$3.592 – Intraday resistance
$3.178– Intraday support
$2.950 – 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 H4 time – frame, I found that BTC is in a consolidation phase (potential bearish flag in creation), which is a sign that buying looks risky. The price is trading near the mid band of the Keltner channel. The short-mid term trend is down. My advice is to watch for selling opportunities if you see a breakout of the support trendline $3.200. The downward target is set at the price of $2.950.
Support/Resistance
$3.592 – Intraday resistance
$3.178– Intraday support
$2.950 – 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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