Bitcoin has been trading upwards as we expected. The price tested the level of $3.999 Our first target has been reached at $3.929, and we expect the second target to be hit as well.
BTC just exited from consolidation phase (potential bullish flag pattern), and we anticipate the upward trend to continue. Stochastic oscillator is ready for an upswing. This is a good sign of an ongoing trend. Short-term resistance is seen at the price of $4.020 and $4.170. Key intraday support is seen at the price of $3.928.
Trading recommendation: We are bullish on BTC from 3.870, and we added new long position on the breakout of $4.000. Stop loss order is to be placed at $3.770, and take profit order is to be set at $4.170.
The material has been provided by InstaForex Company - www.instaforex.com
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