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17.07.201916:15 Forex Analysis & Reviews: BTC 07.17.2019 - Potenteial new momentum down is on the way

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Industry news:

The JP Morgan CEO told analysts in a recent earnings call that Libra was not a near-term threat whatsoever. Blockchain, the foundation on which both Libra and the JPM Coin are being built, was also criticized by the CEO, who stated that in the distributed ledger industry, "little has happened."

Technical view:

BTC did trade exactly what I expected yesterday. BTC did hit both downward targets at the price of $8.632 and $8.987. So far, BTC found support at $8.987 and started to rally. Anyway, we got resistance levels at $9.632 and $9.866. Watch for potential test-reject of the important resistance at $9.866 (purple rectangle) to confirm further downward continuation. The trend is still downside and I would watch for selling opportunities. In case of the break out of $8.987, there is a chance for the test of $8.163. As long as the BTC is trading below the $11.300, I would watch for selling opportunities.

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