Buy or sell bitcoin? The analyst explained everything
The analyst reviewed the rate graph of its first cryptocurrency and described in which circumstances it will go to the stage of growing, and in which circumstances it will renew the minimums
Bitcoin remains broadly flat, with a channel range of about $2,000, according to CEO Cryptorg. As of October 7, 17:00 NY time, the first cryptocurrency is at $19.5 thousand, for the past 24 hours it has fallen in price by 2%.
The expert explained the strategy of working in the horizontal channel: at first everyone works on the rebound, which is happening now. But the more contacts the channel borders have, the more likely it is that the next touch will end up in a breakdown, Podolyan warned.
"I would buy on a breakdown of $20,400 up and sell on a breakdown of $18,400 down. Targets for a breakdown up would be around $22,400, with a breakdown down around $16,400," the analyst said. He concluded that he expects bitcoin to decline as the bullish correction in the stock market is complete.