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Andrey Podolyan, CEO of the Cryptorg crypto exchange, analyzed the chart of the rate of the first cryptocurrency and told at what point the price decline may begin
The opinions of experts may not coincide with the position of the editorial board. RBC-Crypto does not give investment advice, the material is published solely for informational purposes. Cryptocurrency is a volatile asset that can lead to financial losses.
On the daily timeframe, bitcoin moves in an equidistant ascending channel. The price of the cryptocurrency is already close to its upper edge. After it is reached, the asset can probably start to get cheaper.
The touch of the upper edge will occur in the $58-59 thousand zone. It is also the level at which massive sales previously took place. These factors suggest that after reaching these marks, the value of the cryptocurrency may go into a decline stage.
Playing down in the ascending channel is not exactly according to the rules. It is usually better to pick up a rebound from the lower edge towards the main movement of the course chart. However, in this case, you can try a “short” with goals of $55 thousand (5% of the movement) and $53-52.5 thousand (10% of the movement).
The stop-loss order must be placed above the $62.5 thousand mark. It is important to be prepared for financial losses in the event that this investment does not work. To do this, it is necessary to correctly calculate the ratio of risk to reward before entering the transaction.
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