BTC/USD has been trading downside due to the breakout of the contraction in the background. There is potential for the further drop.
Due to strong downside movement in the background and breakout of the contraction I see potential for the downside movement.
Watch for selling opportunities on with the potential downside objectives at $55,200 and $53,400.
Stochastic oscillator is showing fresh bear cross, which is another sign for the weakness.
Resistance is set at the price of $57,400
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.