At the end of last week, bitcoin fixed below the balance mark. This suggests the need to sell and fix part of the purchase. If the decline will take place within the average monthly move, the target will be $10,000 per bitcoin. This should be taken into account when opening short positions.
While bitcoin is trading under the balance mark, it is not necessary to look for opportunities to buy until a significant medium-term support is achieved. Last week’s minimum can become a point that will determine the priority for the next 5 trading days. If there is a consolidation below this minimum, the probability of a further fall will increase to 70%.
The material has been provided by InstaForex Company – www.instaforex.com