BTC has been trading upward. The price re-visited the resistance at $5.070 and BTC got rejected. Seems like buyers lost power and that most of buyers exited their positions.
According to the H1 time-frame, we found very high reading at 48 on the ADX indicator, which is sign that trend and momentum are still strong. Anyway, because of the climatic actions in the background and the re-test of the high at $5.070 buying looks very risky. In our opinion it is better to play for potential downside correction in case that you see the breakout of the upward trendline. Downward target is set at $4.641. Watch for buying opportunities only if you see breakout of the $5.070 and successful re-test.
The material has been provided by InstaForex Company - www.instaforex.com