FX.co ★ Bitcoin analysis for June, 04.2019

BTC has nice drop as we expected yesterday. Our downward target at the price of $7.990 has been met. We still expect more downside on the BTC to come.

Blue rectangle – Support 1 and downward target- $7.416

Pink rectangle – Support 2 and downward target 2- $7.025

White rising line – Support (bearish flag in creation)

Our advice is to watch for potential selling opportunities on the BTC due to the breakout of the support and potential bearish flag in creation. BTC is testing the middle of the Bolinger Bands at $7.990, which is sign that buyers don't have enough power for any strong rally. The MACD momentum is still downward and the Oscillator is in overbought zone. Watch for selling opportunities with the targets at $7.416 and $7.025. Resistance levels are seen at $8.272 and $8.516.