Bitcoin analysis for April 08, 2019

BTC has been trading sideways at the price of $5.193 in past 10 hours. BTC is testing the key short-term resistance at the price of $5.326. Buying looks risky at this stage,

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According to the H1 time-frame, we found that ADX reading is below 25 and falling, which is sign that short-term trend is weak and sideways price action is present. We found potential for ascending triangle in creation but the price would need to break the resistance at $5.326 and then successfully test it before we start to buy again. If the resistance at the price of $5.326 holds, sell off will be possible. The breakout of the support at $5.000 may confirm downward scenario and potential test of $4.636.

Trading recommendation: We are neutral but we are closely observe potential breakout of the support or resistance to confirm further direction.

The material has been provided by InstaForex Company - www.instaforex.com

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