BTC 08.13.2019 – Down break of the 5-day consolidation

Industry news:

Blockchain interoperability network

Based on the daily time-frame, I found that there is a down breakout of the 5-day balance and rejection of the upper Bollinger band at the price of $12.400. Daily Stochastic is in overbought zone and there is a fresh down cross, which is good confirmation for further downside.

Important levels to watch based on daily view:

Resistance levels:

$11.200

$12.100

Support levels:

$10.620

$9.411

4H time-frame view:

Based on the 4H time-frame, I found new momentum on the MACD and Stochastic oscillator, which is sign of the underlying bearish pressure. I also found failed test of the resistance at the price of $12.350, which is good confirmation of the weak buying.

Trading recommendation:

According to current condition, my advice is to watch for selling opportunities with the downward targets at the price of $10.620 and $9.40,

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

Rate this post
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.

Leave a Reply

Your email address will not be published. Required fields are marked *