BTC 08.13.2019 – Down break of the 5-day consolidation

Industry news:

Blockchain interoperability network

Based on the daily time-frame, I found that there is a down breakout of the 5-day balance and rejection of the upper Bollinger band at the price of $12.400. Daily Stochastic is in overbought zone and there is a fresh down cross, which is good confirmation for further downside.

Important levels to watch based on daily view:

Resistance levels:

$11.200

$12.100

Support levels:

$10.620

$9.411

4H time-frame view:

analytics5d52c3412f5dc.jpg

Based on the 4H time-frame, I found new momentum on the MACD and Stochastic oscillator, which is sign of the underlying bearish pressure. I also found failed test of the resistance at the price of $12.350, which is good confirmation of the weak buying.

Trading recommendation:

According to current condition, my advice is to watch for selling opportunities with the downward targets at the price of $10.620 and $9.40,

The material has been provided by InstaForex Company – www.instaforex.com

BTC 08.13.2019 – Down break of the 5-day consolidation

Industry news:

Blockchain interoperability network

Based on the daily time-frame, I found that there is a down breakout of the 5-day balance and rejection of the upper Bollinger band at the price of $12.400. Daily Stochastic is in overbought zone and there is a fresh down cross, which is good confirmation for further downside.

Important levels to watch based on daily view:

Resistance levels:

$11.200

$12.100

Support levels:

$10.620

$9.411

4H time-frame view:

analytics5d52c3412f5dc.jpg

Based on the 4H time-frame, I found new momentum on the MACD and Stochastic oscillator, which is sign of the underlying bearish pressure. I also found failed test of the resistance at the price of $12.350, which is good confirmation of the weak buying.

Trading recommendation:

According to current condition, my advice is to watch for selling opportunities with the downward targets at the price of $10.620 and $9.40,

The material has been provided by InstaForex Company – www.instaforex.com