20.08.201916:52 Forex-elemzések és áttekintések: BTC 08.20.2019 - potential long term bear cycle in the play

Industry news:

The Veritaseum blockchain platform and its founder Reggie Middleton have filed a response to the U.S. Securities and Exchange Commission (SEC) over the regulator's claim that its ICO was fraudulent and illegal, and that Middleton had later manipulated the VERI token's value. As a result, the SEC managed to get a New York court last week to temporarily freeze the assets of the project – which describes itself as a "gateway to peer-to-peer capital markets"

Technical view:

From the weekly time-frame prospective, BTC is trading inside of the trading range between the price of $12,275(high) and $9,000 (low).The high from June at $14,000 is holding well for 9 weeks and it is a warning for the further upside. I see potential for more downside.

Blue rectangles – Major resistance ($14,00)

Purple horizontal line – Support 1 ($9,095)

Green rectangle – Support 2 ($6,755)

Blue lines – Pitchfork channels

There is a successful test and reject of the Pitchfork upward channel and stagnation for 9weeks, which is for me sign of the potential more downside. My advice is to watch for shorting opportunity here with targets at $9,095 and $6,755 as long as the BTC is trading below the $14,000.