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.
Important levels to watch:
Support levels and downward targets
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