BTC 06.28.2019 – Bear flag in creation, more downside yet to come

Crypto Industry news:

According to reports in the crypto press Thursday, cryptocurrency exchange Binance is talking to Facebook about getting involved in the social media giant’s upcoming Libra project.

Finance Magnates says it spoke to Binance at the FinTech Junction event in Israel on Thursday, with the exchange’s CSO, Gin Chao, saying that early discussions have taken place with Facebook over a possible future listing of the libra token.

Chao said that as Libra will be on a private blockchain initially, it won’t need external liquidity. However, Facebook may ultimately desire a secondary market.

Trading recommendation:

BTC did exactly as I predicted yesterday. BTC did perfect test of mine second target at the price of $10.400 and it rejected. Anyway, on the way up I found that BTC is creating the bear flag and the price action suggest very corrective cycle, which is sign that sellers are still present and you should watch for selling opportunities.

Red rectangle – Important resistance ($12.067)

Purple rectangle- Support 1 ($10.400)

Red rectangle – Support 2 ($9.715)

Red lines – Bear flag in creation

Stochastic oscillator is showing the overbought condition and the down flip, which is another good sign for me that down cycle is expected. MACD returned to the neutral territory near the zero line. As long as the BTC is trading below the $13.700 (major swing high), I would watch for selling opportunities on the rallies.

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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