Bitcoin has been trading sideways at the price of $3.987. Our view from yesterday is still valid.
BTC 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