30.07.201914:52 Forex Analysis & Reviews: BTC 07.30.2019 - Bearish flag in creation

Industry news:

Announced by Pundi X in a blog post on Monday, the firms have entered a symbiotic relationship regarding their wallet tech, with Pundi X integrating with Samsung's Blockchain Wallet and making its XWallet available to the Galaxy S10 phone's blockchain app options.

"This presents a unique opportunity to push blockchain technology and blockchain-based digital assets into the mainstream, reaching the millions of Samsung smartphone users around the world," firm says in the post.

Technical view:

Exchange Rates 30.07.2019 analysis

BTC is trading sideways at the price of $9.550 and it seems like it is building a bear flag for more downside. Pat attention on important resistance levels at $9.600 and $9.700.

Technical picture:

Red rising line – Bear flag pattern in creation

Gray rectangle – Resistance 1 ($9.600)

Blue rectangle – Resistance 2 ($9.700)

Orange horizontal line – Main swing low ($9.101)

Stochastic oscillator is showing bearish divergence, which is sign for potential buyers exhaustion near the level of $9.600. My advice is to watch for selling opportunities with the downward target at $9.101.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2021
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