Prospects for Bitcoin this week

It is perfectly clear to everyone that Bitcoin forms an accumulation zone for the second week, and leaving this zone will indicate further priority. Within it, trading is carried out from its borders.

The borders of the weekly flat are marked. Thus, it is possible to either wait for going beyond their limits and close trading below/above, or trade within this range. The exit pattern is simpler and more promising. Now, let's consider an option with an exit and consolidation in the direction of reducing the price.

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This pattern will allow one to earn a profit by selling Bitcoin. The target is the level of $ 44,000. After reaching this level, a short position must be consolidated. One can try to hold part of the position in the expectation to further decline. When the instrument is declining, it is necessary to understand that this will be a movement against the long-term impulse.

Trading within the range is quite simple, but it is difficult to find options for a profitable risk/reward ratio. The width of the range is insignificant, which makes it a good starting point for growth or decline.

The chart for trading in a flat is as follows:

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

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