BTC has been trading downwards as we expected. The price tested the level of $3.847 and reached our both downward targets.
According to the h1 time – frame, we found the excess (pin bar, aggressive buyers) after the sell off in the background, which is sign that we got some swap from selling to buying power. Most recently, there is the breakout of the intraday bullish flag pattern, which is sign that upward movement may resume. Support levels are seen at $3.911, $3.936 and $3.975. Key support is set at the price of $3.847.
Trading recommendation: We reached both yesterday's downward targets and we started to buy BTC from $3.900 with targets at $3.936 and $3.975. Protective stop is placed at $3.845.
The material has been provided by InstaForex Company - www.instaforex.com