Bitcoin analysis for September 05, 2018

analytics5b8fcbb6ae8d2.png

Trading recommendations:

According to the H4 time - frame, I found that strong supply entered the market and that most recent upward diagonal got broken, which is a sign that sellers are in control. The price is near the key support trendline ($6.800) and my advice is to watch for potential breakout to confirm further downward continuation. I see the whole upward channel like a bearish flag, which is a sign that Bitcoin might visit the level of $5.932 (downward target). Additionally I found a potential large head and shoulders pattern in creation and hidden bearish divergence on the macd oscillator. Watch for selling opportunities.

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