empty
 
 
08.11.2019 02:25 PM
BTC 11.08.2019 - First target reached at $8.944, potential for more downside due to breakout of contracion

BTC did test our first downward target at the price of $8.944. I still expect more downside movement today and potential test of next downward target at $8.610.

This image is no longer relevant

MACD oscillator is showing increase on the downside momentum, which is good sign that sellers are in control and that selling on the rally is preferable strategy for today.

I also found the breakout of the Bollinger band lower boundary, which is confirmation of the breakout. Most recently, I did notice that Bollinger bands were in contraction mode and today we got the downside breakout.

Support levels are seen at the price of $8.940 and $8.610. Resistance level at $8.240.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback