BTC has been trading sideways at the price of $3.836 but with the successful rejection of the key resistance at the price of $3.870, which is a sign that buying looks risky.
Our analysis from yesterday is still active. According to the H4 time frame, we found that there is a potential end of the upward correction (complex zig-zag), which is a sign that the downward movement is expected to follow. Most recently, there has been a breakout of the upward channel, bearish divergence on the stochastic oscillator and testing of 20 EMA which is a sign that sellers took control from buyers. Also, we found the spike bar and very sideways market today, which is a sign of indecision. Support levels are seen at $3.637 and $3.524. The key resistance level is seen at $3.925.
Trading recommendation: We are still bearish on BTC from $3.840 with targets at $3.637 and $3.524. Protective stop is placed at $3.925.
The material has been provided by InstaForex Company - www.instaforex.com
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