BTC 11.08.2019 – First target reached at $8.944, potential for more downside due to breakout of contracion

BTC did test our first downward target at the price of $8.944. I still expect more downside movement today and potential test of next downward target at $8.610.

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MACD oscillator is showing increase on the downside momentum, which is good sign that sellers are in control and that selling on the rally is preferable strategy for today.

I also found the breakout of the Bollinger band lower boundary, which is confirmation of the breakout. Most recently, I did notice that Bollinger bands were in contraction mode and today we got the downside breakout.

Support levels are seen at the price of $8.940 and $8.610. Resistance level at $8.240.

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