According to the H1 time – frame, I found that price is trading inside of the potential bearish flag, which is a sign that buying looks risky. In my opinion, the potential upward correction (abc flat) may end hear the price of $6,600. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $6,305 and at the price of $6,075.
Support/Resistance
$6.600 – Intraday resistance
$6.473– Intraday support
$6.305 – Objective target 1
$6.075 – Objective target 2
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 price is trading inside of the potential bearish flag, which is a sign that buying looks risky. In my opinion, the potential upward correction (abc flat) may end hear the price of $6,600. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $6,305 and at the price of $6,075.
Support/Resistance
$6.600 – Intraday resistance
$6.473– Intraday support
$6.305 – Objective target 1
$6.075 – Objective target 2
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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