Crypto Industry news:
As world leaders start arriving for the G20 summit in Osaka, Japan, policymakers and crypto industry representatives are convening at another summit to discuss the implications of proposed global standards for crypto assets and service providers, as well as solutions that will minimize unintended consequences of implementing these standards. It will be very interesting to see what result of the meeting will be and what implication will have on BTC.
Trading recommendation:
BTC did parabolic up move and it met my yesterdays up target at $13.400. Anyway, after filing my objective I found strong flash down into the area at $11.350. Longs got trapped. The order flow is for the downside and you should watch for selling opportunities.
Red rectangle – Important resistance ($12.067)
Purple rectangle- Support 1 ($11.332)
Purple rectangle – Support 2 ($10.370)
I found that there is the change in the order flow from bullish to bearish and that is sign that you should be careful with buying and watch for selling opportunities. MACD oscillator has turned into negative territory, which is sign that buyers became exhausted. Short-term resistance is seen at the price of $12.067 and as long as the Gold is trading below this level, I would watch for selling opportunities on the rallies. From the other side, support levels are seen at the price of $11.322 and at the price of $10.370. Watch for selling opportunities.