BTC has been trading sideways at the price of $5.131. We are still expecting more downside on the BTC.
According to the H4 time-frame, we found that bearish flag is in creation just after the BTC did break the support trendline, which is sign that potential distribution of orders may appear. Our advice is to watch for the breakout of the support trendline to confirm further downward movement. Support levels are seen at the price of $4.660 and at the price of $4.121.
Trading recommendation: We are bearish on the BTC from $5.130 with the targets at $4.660 and $4.121. Protective stop is placed at $5.460.
The material has been provided by InstaForex Company – www.instaforex.com