BTC has been trading upwards and the level of $4.100. Anyway, we found the strong reaction from sellers from the resistance, which is a sign that buying looks risky. We also found the breakout of the intraday support at $3.970, which is another sign of weakness. Supports are seen at the price of $3.805 and at $3.610.
Yellow rectangle – $4.045 (Resistance)
Yellow rectangle – $3.970 (Resistance)
Red rectangle – $3.805 (Support)
Red rectangle – $3.610 (Support)
Trading recommendation: We exited our long position on BTC and we started to sell from $3.962 with stop at $4.100. Targets are set at the price of $3.805 and $3.610.
The material has been provided by InstaForex Company – www.instaforex.com