15.07.201915:19 Forex Analysis & Reviews: BTC 07.15.2019 - Downside pressure and bear flag pattern completed

Industry news:

Tech giant Samsung Electronics is joining six other major South Korean firms to develop a blockchain-based certificate and ID authentication network.

Announced on Sunday and reported by CoinDesk Korea, the other founding firms include mobile carriers SK Telecom, LG Yuplus and KT, two banks – KEB Han and Wooriand – and government-founded securities infrastructure provider Koscom.

Technical view:

As I expected, BTC did hit both our targets from last week at the price of $10.714 and $9.772. The level of $9.722 seems like a good support for today but I still see more downside to come. Most recently, according to the H1 time-frame, I have found broken bearish flag and rejection of the intraday resistance at the price of $10.300 (yellow rectangle)

If BTC breaks the level of $9.722, there is a chance of testing the level of $9.156 (green rectangle). As long as the BTC is trading below $10,715 I would watch for selling opportunities. Important upward reference points are:

$10,300 – Previous swing low acting like resistance (yellow rectangle)

$10.715 – Previous hourly swing high Important

Downward reference points are:

$9.772 – Support (green rectangle)

$9.156 – Important swing low and FE 100%

Watch for selling opportunities on the rallies.