Technical picture:
According to the H4 time-frame, BTC did exactly what we expected yesterday. BTC did reject from the upper diagonal of the upward channel at the price of $5.626. Our first downward target at the price of $5.365 has been met. We are expecting more downside.
On the Futures market we found buying climax in the background, which is sign of the weakness and big warning for buyers. After the climatic action, there was no buying interest and we got few no demand bars on the 2H time-frame, which is another sign of the weakness. Watch for selling opportunities. Next downward targets are set at the price of $5.192 and $4.650.
The material has been provided by InstaForex Company - www.instaforex.com