#BTC - Looks Bearish

4 ott 2019

Analysing BTC, we can see how the price breaks through the upward support and shifts the horizontal resistance level higher, tactically pushing away the bulls from their area, which gives the bears more area to maneuver. We also see a downward resistance that indicates the superiority of bears. All these factors tell us about possible decline. The target for downward movement is located in the zone of local support of the channel $7935 and next support in the zone of $7700.

However, in case of a breakthrough of the $8245 zone and both resistances, the bulls will take their share. The zone between the upward and downward resistance is neutral. Within the boundaries of this zone, other influencing factors will need to be considered.

5 ott 2019

Nota

The $8245 level was rejected and the price went down just as predicted. The price didn't reach the ascending resistance and this is absolutely ok, because it was already tested. However, we still can expect BTC to hit the downward resistance by shadows. Targets of the movement are still the same, priority is still downward. Check the previous update.