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Industry news:
One of the largest crypto derivatives exchange, BitMEX is currently under investigation by the US's top regulator, CFTC. The trading platform is majorly known for the crypto derivatives trading feature. . .
Trading recommendation:
BTC has been trading sideways at the price of $10.307 in past 24 hours. BTC did test my important resistance level around $10.800 and found sellers, which is first sign of the potential down turn. Pay attention to the resistance at the price of $11.000 cause it is good sell zone up there.
Red rectangle – Resistance ($11.000)
Purple rectangle- Support 1 ($9.081)
Purple rectangle – Support 2 ($8.236)
MACD oscillator is showing the decreasing momentum and BTC is trading near the resistance, which confirms my bearish view. Stochastic oscillator is showing the overbought condition and the bear cross on the 4H time – frame, which is another great confirmation for the further down turn. Additional, there is the potential completion of the ABC pattern up, which is negative for BTC. Watch for downside opportunities with the targets at $9.081 and $8.236. As long as the BTC is trading below the $11.000 mark, I would watch for selling opportunities
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