BTC has been trading sideways at the price of $3.870 and nothing specially changed since our previous analysis.
According to the H1 time – frame, we found that BTC is trading in the tight upward channel, which is usually indication of the overbought condition. The resistance at the $3.870 is on the test and the buyers having hard to break through, which is sign that buying looks risky at this point. There is also a bearish divergence on the Stochastic oscillator, which adding more risk on the upside. Key short-term support level is seen at the price of $3.640.
Trading recommendation: We are watching for potential breakout of the intraday support at $3.825 to confirm downward movement, so we can open short position with the target at $3.640.
The material has been provided by InstaForex Company - www.instaforex.com
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