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16.07.202013:15 BTC analysis for July 16,.2020 - Fake breakout of resistance and potential drop towards the $7.800 on the way

Technical analysis:

Exchange Rates 16.07.2020 analysis

BTC has been trading downwards. As I expected, the market is trading lower and aproaching the key support level at $8,900. I see potential for the bigger drop in case of the downside breakout towards the $7,800

Trading recommendation:

Watch for potential selling opporutnities in case of the downside breakout of support at $8,900.

Stochastic is showing fresh bear cross, which is another sign and confirmation for the downside rotation.

Bigger downside target is set at $7,800

Key ressistnace is set at $9,380

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

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020
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