The Bitcoin (BTC) has been trading sideways at the price of $5.665. At the moment there are two forks planned for the Bitcoin network, and cryptocurrency proponents are curious about taking the best preparations. One fork is called Bitcoin Gold which is scheduled for October 25, while the other hard fork Segwit2x (BTC1) will take place roughly around mid-November or block height 494784. The intraday technical picture looks bullish.
Trading recommendations:
According to the 30M time frame, I found a fake breakout of pivot at the price of $5.628, which is a sign that selling looks risky. I also found an intraday double bottom formation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $5.780 (R1) and $5.880 (S2).
Support/Resistance
$5.628 – Intraday pivot
$5.780 – Intraday resistance 1
$5.880 – Intraday resistance 2
$5.517 – Intraday support 1
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
The Bitcoin (BTC) has been trading sideways at the price of $5.665. At the moment there are two forks planned for the Bitcoin network, and cryptocurrency proponents are curious about taking the best preparations. One fork is called Bitcoin Gold which is scheduled for October 25, while the other hard fork Segwit2x (BTC1) will take place roughly around mid-November or block height 494784. The intraday technical picture looks bullish.
Trading recommendations:
According to the 30M time frame, I found a fake breakout of pivot at the price of $5.628, which is a sign that selling looks risky. I also found an intraday double bottom formation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $5.780 (R1) and $5.880 (S2).
Support/Resistance
$5.628 – Intraday pivot
$5.780 – Intraday resistance 1
$5.880 – Intraday resistance 2
$5.517 – Intraday support 1
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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