BTC has been trading sideways at the price of $4. 994.The risk for the upside positions are increased.
According to the H1 time-frame, we found that there is the fake breakout of the resistance at the price of $5.070. In the background we found climatic action, which is sign of the very emotional buying, which may result with the counter reaction from the sellers. After we took huge profit on the upside, we are now neutral to bearish on the BTC. Key short-term support is set at $4.646.
Trading recommendation: We got small short position on the BTC from $5.000 and with the target at $4.646. Protective stop is placed at 5.335.
The material has been provided by InstaForex Company - www.instaforex.com