BTC has been trading upward as we expected. All our upward targets were met. Potential overbought condition incoming.
According to the H1 time – frame, we found that all 3 upward targets were met at $3.911, $3.936 and $3.975. Anyway, currently I see that there is 4-hour balance and bearish divergence on the Stochastic oscillator. We expect potential pullback in the next period. Support levels are seen at $3.967 and $3.951. Key resistance is seen at the price of $4.049.
Trading recommendation: We exited from our Long position on BTC with 3 targets reached. We are neutral now on the BTC but there is a potential for downside and potential testing of $3.967 and $3.951.
The material has been provided by InstaForex Company - www.instaforex.com
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