Bitcoin has been trading sideways at the price of $3.420. Our view from yesterday is still active. Since the key support cluster at $3.420 is broken and successfully retested, we expect downward continuation. I also found a successful breakout of the mini upward Pitchfork channel, which is another sign of underlying weakness.The short-mid term trend is bearish and you should go with the direction of the overall trend.
Trading recommendation: We are still short BTC/USD from $3.392 and with the target at $3.107. Protective stop is placed at the price of $3.550
The material has been provided by InstaForex Company – www.instaforex.com