BTC 10.11.2019 – First downward target has been met, more downside yet to come

BTC is trading lower exactly what I expected yesterday. The price did test my first downward target at the level of 8,320. I do expect more downside and potential test of $8,139.

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Red rectangle – Important resistance levels

Green rectangle – Important support levels and objectives

Purple falling line – Expected path

I found strong rejection of the major resistance at the price of 8,747 on the 1H time-frame and I do expect more downside yet to come. My advice is to watch for selling opportunities on the rallies. Watch for potential bear flag on hourly for new selling positions. Downward targets are set at the price of 8,139 and 7,805.

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