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23.08.201917:05 Forex Analysis & Reviews: BTC 08.23.2019 - Resistance on the test

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Industry news:

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Technical view:

Exchange Rates 23.08.2019 analysis

From the hourly time-frame prospective, BTC is trading at the upper trendline and near the important resistance at $10,572. Be very careful with long positions due to potential reversal and new wave down.

Green rectangles – Resistance ($10,550)

Black Upper diagonal – Resistance

Brown rectangle – Support 1 ($10,000)

Yellow rectangle – Support 2 ($9,770)

Red lines – Expected path

BTC is trading upwards but the structure on the upside looks corrective and there is chance for potential downside. Any reversal pattern near the important resistance or near the upper trend line may confirm further downside movement and potential testing of $10,000-$9,770.

Petar Jacimovic
Analytical expert of InstaForex
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