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06.12.201917:19 Forex Analysis & Reviews: BTC 12.06.2019 - Contraction period, watch for the breakout of the trading range to confirm further direciton

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Bitcoin is trading sideways at the price of $7.390. Price action on the hourly time-frame looks very flat and we got Bollinger bands contraction. Watch for potential breakout of the contraction. The resistance is set at $7.478 and the support at $7.253.

Exchange Rates 06.12.2019 analysis

To open long position:

Watch for breakout of $7.478 and target at $7.722

To open short position:

Watch for breakout of the support $7.253 and target at $7.087

MACD oscillator is showing very low momentum , which confirms the sideways regime.

Petar Jacimovic
Analytical expert of InstaForex
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