Market participants get a temporary respite in the area of 3800.
The price reaches the first target in BTC/USD pair to a tolerance of 1%-1.5%, and we see that exactly at this level buyers and sellers reached a temporal agreement. The Dodgy candlestick in H4 chart indicates this.
The neck line is broken through with a large volume. If today, before the end of the day sellers will be able to consolidate below level 3900 as a result of day’s candlestick closing, then further decreasing will continue.
The way the price moves inside the channel tells us important information. The price went down below the middle line and now it is in the lower register, which indicates a high likelihood of decreasing. Moreover, candlesticks’s shadows in H4 chart have a characteristic rounding under level 3900, this indicates that the price can not return to the upper register.
The key resistance for today is the range of 3900–3950, and in case it is overcome buyers will get an opportunity to move to level 4150. But this is unlikely. We are likely to see the decreasing to second target through the support in the area of 3600. Besides, I would like to clarify the second target and shift it to the range of 3350–3400, which a little bit higher than previous levels.
If you look closer and open M15 chart, we will see the current trading in the support zone and the resistance inside it. Decreasing from the current levels is more likely than growing, to my mind.
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