Bitcoin is expected to move lower towards $3,350 as long as it holds below the bearish trendline. The potential breakout of support at $3,480 will confirm the next move lower towards $3,350 and $3,100. I expect the price to move to the Pitchfork median line. Only a break above the resistance at $3,670 will negate the bearish view.
Trading recommendation: We will sell Bitcoin at the breakout of support at $3,480 with take profit orders at $3,350 and $3,100. If position is triggered, protective stop will be placed at $3,670.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin is expected to move lower towards $3,350 as long as it holds below the bearish trendline. The potential breakout of support at $3,480 will confirm the next move lower towards $3,350 and $3,100. I expect the price to move to the Pitchfork median line. Only a break above the resistance at $3,670 will negate the bearish view.
Trading recommendation: We will sell Bitcoin at the breakout of support at $3,480 with take profit orders at $3,350 and $3,100. If position is triggered, protective stop will be placed at $3,670.
The material has been provided by InstaForex Company – www.instaforex.com
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