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.

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

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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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