Bitcoin is still consolidating above the supportive zone 6390.03-5911.46. As long as this zone protects the price above it, expect a rally to the upper side. At the moment, we expect a break above the converging wedge formation to confirm a potential rally to the upper side. But should the price break below 5911.46, then we’ll be waiting for a slight correction to pick a low risk sell position with an ultimate target at 4521.23. So far bitcoin has been in a constant downtrend and chances of breaking below 5911.46 are very high.
Only sell bitcoin in case of a break below 5911.46.
101% Double the volume
You may check other analytical reviews on FreshForex website. Source: freshforex.com.