BTC 08.22.2019 – End of the upward correction

Source: Forex Analysis

BTC has been trading sideways at the price of $10.000 in past few hours. There is potential for more downside and potential new wave down cause of the underlying down-trend.

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Important levels to watch:

Resistance levels:

$10,000

$10,250

Support levels and downward targets

$9,722

$9,137

Based on the hourly time-frame, I found potential end of the upward correction ABC and potential for more downside. I found that BTC is trading inside of the Pitchfork down channel (yellow lines) and that there is chance for potential test of $9.722 (yellow rectangle) and $9,137. Additionally, the Stochastic oscillator is showing the overbought condition and potential rotation back, which is another great confirmation for downside. As long as the BTC is trading below the $10,700, watch for selling opportunities.

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