Perfectly as anticipated, Bitcoin bounced off from the upper trend line acting as the resistance and is on its way to the lower side. We expect the rejection from this resistive trend line to have marked the end of the corrective wave (iv) that the current bearish price rally is the continuation of the impulsive wave (v) to the lower side with an ideal target at 4677.97. An ascend above 11697.31 will mean waiting for a confirmation that the price will continue to rise with an ultimate target at 20044.80. On the 4 hour chart attached, short positions looks more ideal and can safely be recommended towards 4677.97.
Sell Bitcoin around 11697.31 with your take profit at 4677.97
You may check other analytical reviews on FreshForex website. Source: freshforex.com.