01.06.202014:07 Forex Analysis & Reviews: BTC analysis for June 01,.2020 - Broken upward channel and potential for the bigger drop towards the $8.750 and Pitchfork Median Line

Corona virus summary:

Exchange Rates 01.06.2020 analysis

Technical analysis:

BTC has been trading upwards. The price tested and rejected of the level at $9,600. I see further downside rotation towards the levels at $8,760 and $8,650..

Trading recommendation:

Watch for selling opportunities on the BTC due to overbought condiiton on the Stochastic oscillator.

I also found the breakout of the upward channel in the background, which is another sign for the weakness.

The downward targets are set at $8,760 and $8,650.

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

Petar Jacimovic,
Analytical expert of InstaForex
© 2007-2022
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