19.02.202015:37 Forex Analysis & Reviews: BTC analysis for 02.19.2020 - Resistance on the test, potential for the downside rotation towards the level of $9.828

Industry news:

An $8 million ICO project is shutting down, citing regulatory uncertainty and difficulties in onboarding new users.

Content-sharing platform Contents Protocol announced Wednesday that following numerous attempts to turn its business into a success, the firm is closing down and refunding investors as much as $7.5 million-worth of the ether (ETH) raised in its initial coin offering (ICO).

"We inform you that due to continued regulatory uncertainties in cryptocurrency and lack of business prospect, we have decided to end our project," reads an announcement that has now wholly replaced Contents Protocol's website.

Contents Protocol was a relative latecomer to the ICO boom, only completing its crowd sale in December 2018. It was created as a subsidiary of WATCHA Play, a popular Korean streaming service, and was designed to incentivize content sharing by effectively rewarding users who rated and reviewed films and TV featured on the platform with its native CPT token.

Technical analysis:

BTC has been trading sideways at the price of $10.128. Anyway, I see potential for the downside due to rejection of the resistance and the outside bearish candle on the hourly time-frame.

Watch for selling opportunities if you see the breakout of the support at $10.028. Downward targets are set at the price of $9.828 and $9.614.

MACD slow line did turn to the downside and it is confirms downside rotation.

Resistance levels are seen at the price of $10.280 and $10.500

Support levels and downward targets are set at the price of $9.828 and $9.614.