BTC has been trading upwards. The price tested the level of $4.125 with the strong momentum. We expect upward continuation.
According to the H4 time – frame, we found that there is the successful rejection of the 20-exponential moving average (yellow line), which is sign that buyers supporting the Bitcoin. ADX is reading is about 40 level, which suggests strong trend condition. Resistance levels are seen at the price of $4.159 and $4.212. Short-term support is seen at the price of $4.020.
Trading recommendation: We are still holding long position from $4.070. Now, we moved our SL on breakeven so we got risk free position. Main targets are set at the price of $4.159 and $4.212.
The material has been provided by InstaForex Company - www.instaforex.com
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