BTC has been trading upwards. The price tested the level of $8.100. Anyway, it looks risky for buying since the key resistance line at the price of $8.233 is there.
Yellow rectangle – swing high resistance
Red horizontal line – swing low support
White lines – Upward channel
BTC is trading inside of the upward channel. Anyway, strong resistance cluster at the price of $8.233 is there and buying looks risky at this stage. Our advice is to watch for potential break of the upward channel in order to confirm down movement. Stochastic oscillator is showing the bearish divergence, which is another sign of the weakness.
The material has been provided by InstaForex Company - www.instaforex.com