BTC has been trading continues to trade sideways at the price of $5.260 and with very slow momentum. BTC is in indecision zone and we would need further confirmation before the next direction.
Our analysis from yesterday is still active. According to the H1 time-frame, we found that ADX reading is below 30 and, 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 observing potential breakout of the support or resistance to confirm further direction.The material has been provided by InstaForex Company - www.instaforex.com