According to the H1 time – frame, I found that BTC is in consolidation phase after the strong drop in the background, which is normal activity after such a strong drop1. I dont see any signs of reversal yet and my advice is to watch for selling opportunities. I have also found potential end of the upward correction (rrunning flat), which is another sign of weakness. Downward take profit level is set at the price of $5.161.
Support/Resistance
$5.692 – Intraday resistance
$5.377– Intraday support
$5.161 – 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 BTC is in consolidation phase after the strong drop in the background, which is normal activity after such a strong drop1. I dont see any signs of reversal yet and my advice is to watch for selling opportunities. I have also found potential end of the upward correction (rrunning flat), which is another sign of weakness. Downward take profit level is set at the price of $5.161.
Support/Resistance
$5.692 – Intraday resistance
$5.377– Intraday support
$5.161 – 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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