Cryptocurrency Analysis

[IFX_Selena]

BTC. Resistance zone on the test
31 July 2019

Industry news:
While other cryptocurrency exchanges work on the development within their exchange, Kraken took a huge leap as it acquired Interchange, accounting reconciliation and reporting service provider for cryptocurrency hedge funds, asset managers, and fund administrators. The exchange did not disclose any financial details about the deal.

BTC did rally to the level of $10.000 and there is a good resistance there. Resistance trendline and previous swing high are great area for potential selling opportunities. My advice is to watch for selling opportunities.


Technical picture:


Blur rectangle – Support ($9.080)

Blue horizontal line – Resistance ($10.200)

Blue horizontal line – Resistance 2 ($10.730)

Blue line – Pitchfork warning line 1

On the 4H time-frame I found that Stochastic oscillator is in overbought condition and that there is potential down flip, which is sign that buying at this stage looks risky. MACD oscillator is still in the negative territory below the zero, which is another indication for potential downside.



Performed by Petar Jacimovic
Analytical expert
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