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11.12.201917:33 Forex Analysis & Reviews: BTC 12.11.2019 - Watch for potential drop on the BTC

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Bitcoin has been trading in consolidation mode at the price of $7.166. There is chance for the downside movement. Watch for selling opportunities on the rallies with the first target at $6.570.

Slow line on the MACD oscillator turned into bear mode, which is indication for potential downside movement in the next period.

Additionally, there is the breakout of the upward Pitchfork channel in the background, which is another indication that sellers are in control.

Support levels are found at the price of $6.569 and $5.910.

Resistance levels are found at the price of $7.611 and $7.800.

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