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Bitcoin prices fluctuate on different levels

Bitcoin has been trading in a small range for the past two days.

25.Sep.17 3:10 PM
By Daria Zaytseva


Bitcoin prices fluctuate on different levels

It is facing resistance at the 3,800 levels. Today, even if the digital currency breaks through the downtrend line, it is unlikely to go to the highs. It will face resistance from a 20-day exponential moving average (EMA) at $ 3,886.

After that, the next resistance zone is between $ 4,050 and $ 4,120 levels. If Bitcoin comes out of this, it will most likely remain range-bound and volatile. However, the breakdown of the downtrend line will change the trend down in the range.

On the other hand, the digital currency has a strong support at $ 3500. A breakdown of this level can push the cryptocurrency back to the minima of $ 2,974.

At present, we do not find a purchase of a facility with a good risk-reward ratio. Nevertheless, aggressive traders can look for opportunities to buy after Bitcoin breaks out and closes above the downtrend line. The initial stop loss can be saved at 3500, which can be increased later. The size of the position should not exceed 25 percent of the normal.

If Bitcoin gains momentum, additional positions can be added above $ 4,120. The first target is upwards of $ 4,680, above which a repeated check of life expectancy maxima is likely.

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