Bitcoin has been trading neutral but the fake breakout of the resistance is present, which is sign of the potential weakness.
Purple rectangle – Resistance $6.271
Green rectangle – Support $5.758
Green lines – Upward channel – resistance on the test
We found the fake breakout of the yesterday's high at the price of $6.271, which is clear sign that buyers got exhausted and that weakness is very possible. Since that price went higher above the balance and failed, the downward target becomes the opposite extreme of the balance, which is the level of $5.758. Watch for selling opportunities on the rallies.
The material has been provided by InstaForex Company - www.instaforex.com