Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.387 and reached my yesterday's target. An Indian chamber of commerce is launching a bitcoin mining training program in 30 cities across India. The goal is to teach young people about bitcoin, cryptocurrencies, blockchain technology, crypto mining, and entrepreneurship to empower the rural population for self-employment. The technical picture looks bearish.
Trading recommendations:
According to the 4H time - frame, I found that price did a fake breakout of downward channel in the background, which is a sign that buyers are weak and that sellers are in control. I also found a bearish cross on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $7.246 and at the price of $6.522.
Support/Resistance
$7.926 – Intraday resistance
$7.387– Intraday support
$7.246 – Objective target 1
$6.522 – Objective target 2
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