Cryptorg platform CEO Andrey Podolyan analyzed the chart of the first cryptocurrency rate and told at what point the price could start to decline
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On the daily timeframe, Bitcoin moves in an equidistant upward channel. The price of the cryptocurrency is already close to its upper bound. After it is reached, the asset is likely to start depreciating.
The touching of the upper line will occur in the zone of $ 58-59 thousand. This is also the level at which previously massive sales took place. These factors indicate that after reaching these marks, the value of the cryptocurrency may go into a decline stage.
It is not quite by the rules to play short in the ascending channel. It is usually better to select a rebound from the lower edge towards the main movement of the course chart. However, in this case, you can try "short" with targets of $ 55 thousand (5% of the movement) and $ 53-52.5 thousand (10% of the movement).
A stop loss order must be placed above the $ 62.5 thousand mark. It is important to be prepared for financial losses if this investment idea does not work. To do this, you need to correctly calculate the risk to reward ratio before entering a trade.