BTC 12.02.2019 – BTC started another down cycle

BTC did exactly what I expected last week. Our Fibonacci resistance confluence at the price of $7.900 held successfully and the BTC did strong rejection of it. My main downward target is still at the price of $6.550.

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Stochastic oscillator is showing oversold condition but that is totally normal after the breakout of upward consolidation.

Watch for selling opportunities on the rallies with the first downward target at the price of $6.550.

Support levels are seen at $7.163, $6.850 and $6.550. Resistance levels are seen at $7.370 and $7.670.

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