Recently, Bitcoin has been trading downwards. As I expected, the price tested the level of $6.240. According to the H1 time – frame, I found a breakout of the upward trendline in the background, which is a sign that sellers are in control. I also found the inntraday downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target i sset at the price of $5.767.
With InstaForex, you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
The material has been provided by InstaForex Company – www.instaforex.com
Trading recommendations:
Recently, Bitcoin has been trading downwards. As I expected, the price tested the level of $6.240. According to the H1 time – frame, I found a breakout of the upward trendline in the background, which is a sign that sellers are in control. I also found the inntraday downward channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target i sset at the price of $5.767.
$6.370 Intraday resistance; $6.220– Intraday support; $5.767 – Objective target ;
With InstaForex, you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
The material has been provided by InstaForex Company – www.instaforex.com
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