BTC 09.30.2019 - Possible rally before new down leg

BTC has been trading in consolidation mode at the price of $8,000. BTC is still trading inside of the downward channel but with the bullish divergence on the MACD. Anyway, as long as the pivot resistance at $8,225 is holding, there is chance for more downside.

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Blue horizontal lines – Support levels based on the price action

Red rectangle – Major resistance level

MACD oscillator is showing bullish divergence but caution must be alerted due to break out of the larger consolidation. The middle Bollinger band line is acting like resistance at $8,140. Potential rally is possible due to bull divergence but I would still prefer downside opportunities on the rallies due to strong downside condition. Downward targets are set at the price of $7,470 and $6,620.



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Performed by Petar Jacimovic
Analytical expert
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