Trading recommendations: According to the 30M time frame, I found that price did fake breakout of the yesterday's high at the level of $6,440, which is a sign that buying looks risky. I also found a weekly pivot at $6,641 and a hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $6,200. Support/Resistance $6,520 – Intraday resistance $6,380– Intraday support $6,200 – Objective target With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4. *The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Bitcoin has been quite consistent with the bullish momentum after being rejected off the $6,000 area with a daily close. The price action is currently quite volatile which signals certain bullish pressure emerging in the market which might lead to certain bullish momentum, so the price could climb towards $8,000 resistance area in the near future. Meanwhile, the price is residing at the edge of $6,500 area. A daily close above $6,500 is expected to inject impulsive bullish pressure in the market with an objective of pushing higher towards $8,000 resistance area in the future. As the price remains above $6,000 area, the bullish bias is expected to continue. SUPPORT: 6,000 RESISTANCE: 6,500, 8,000 BIAS: BEARISH MOMENTUM: VOLATILE
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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