Source: Forex Analysis
BTC is did reach our yesterdays’ target at the price of $8,050 but then rejected strongly. BTC is the momentum UP but resistance at the price of $8,500 is on the test and I would not watch for any upward opportunities as long as the resistance is on the test. BTC might rotate lower and test $8,320.
Red rectangle – Important resistance levels
Yellow rectangle – Resistance become support
Purple falling line – Expected path
Strong resistance at the price of $8,500 is on the test and I would prefer potential selling opportunities. Watch for potential sell divergence on the MACD oscillator on 15/30 time-frame to confirm further downside rotation. Resistance levels are seen at $8,500 and $8,800. The support level is set at the price of $8,300.
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