BTC has been trading sideways at the price of $1.315. Watch for potential downward opportunities if you see the breakout of the $10.260. There is a chance for potential test of $9.885.
Upper purple line – Rising support line
Falling trend line – Expected path
Red rectangle – Support level and downward objective
MACD oscillator is showing decreasing momentum on the upside and bearish divergence. Support levels are seen at the price of $10,264 and $9.886 and resistance levels are found at $10,450 and $11,00. Bulls need to be very cautious as there is bearish divergence on the MACD oscillator and potential downside movement. Selling opportunities are preferable with the first target at $9.886..
The material has been provided by InstaForex Company – www.instaforex.com