Forecast on the Bitcoin exchange rate: the coin will continue to trade near $ 7400

Over the past day, the Bitcoin (BTC) cryptocurrency has fallen in price by 0.83%, and buyers are unlikely to be able to gain a foothold above resistance level in the region of $ 7400. Concerning Channel trading is expected to last until the end of the year.

Key points

Bitcoin is trading above the support level of $ 7100.

A channel is formed on the hourly chart, in which BTC / USD trading is likely to continue until the end of 2019;

A break of the $ 7100 level will be a signal for a further decrease in BTC / USD.

At the beginning of the week, the price of the first cryptocurrency rose to $ 7435, followed by a decline with a recovery above $ 7200. At the time of writing, the value of Bitcoin is $ 7347.

In terms of trading volume, in the coming daysIt is unlikely that any serious price fluctuations will occur. The current channel is the finishing interval after the second deep BTC rebound from the resistance level. As you retest, there is a possibility that the scenario will repeat.

Thus, MA10 and the Bollinger band formed a support, and therefore the market will continue to trade in the range from $ 7100 to $ 7400.

The point of further decline is located at $ 7100. Note that the bears are now relatively strong, so it is recommended to go short.

Entry Points:

Short: $ 7340-7450;
Target: $ 7300–7100;
Stop Loss: $ 7550.

Long: $ 7100-7050;
Target $ 7250-7300;
Stop Loss: $ 6900.