BTC 07.31.2019 – Resistance zone on the test

Industry news:

While other cryptocurrency exchanges work on the development within their exchange, Kraken took a huge leap as it acquired Interchange, accounting reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers, and fund administrators. The exchange did not disclose any financial details about the deal.

BTC did rally to the level of $10.000 and there is a good resistance there. Resistance trendline and previous swing high are great area for potential selling opportunities. My advice is to watch for selling opportunities.

Technical picture:

Blur rectangle – Support ($9.080)

Blue horizontal line – Resistance ($10.200)

Blue horizontal line – Resistance 2 ($10.730)

Blue line – Pitchfork warning line 1

On the 4H time-frame I found that Stochastic oscillator is in overbought condition and that there is potential down flip, which is sign that buying at this stage looks risky. MACD oscillator is still in the negative territory below the zero, which is another indication for potential downside.

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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