Last week, the flat zone was identified. Bitcoin managed to consolidate below this zone, but it returned to its limits again on Thursday.
The next two days will be decisive for our trading plan. Looking for the price within the flat range indicates the need to wait for an exit beyond its limits. Today, two equally probable patterns can be constructed, which will be needed to adhere to this week.
Bearish pattern:
This pattern is still more likely, but for the sale, confirmation is required in the form of a downward exit. This will indicate an 80% probability of updating last week's low and will allow us to open a deal from the lower limit of the flat.
Bullish pattern:
A close above the designated flat zone today will increase the probability of updating the annual high to 80%. If so, buying will come to the fore.
It is noteworthy that transactions outside the flat zone have a 50% probability of working out, so it is important to accurately determine the direction of exit from the zone. The level of $ 50,000 per coin can remain a serious resistance for a long time, so testing this level with a return inside the flat can also be considered as an opportunity to sell.
The material has been provided by InstaForex Company - www.instaforex.com