FX.co ★ Bitcoin analysis for June, 05.2019

BTC price has been trading downwards as we expected. The price reached our downward target at $7.416 and it rejected. Anyway, we are still expecting more downside on BTC due to strong downward momentum in the background.

Blue rectangle – support $7.416

Punc rectangle- Downward target and support $7.000

BTC did reject of the support $7.416 but the strucutre looks corrective and we expect more downside to come. The Stochastic oscillator looks oversold and MACD is still in negative teritory, which is sign of the overall weakness. Support levels are seen at $7.416 and $7.008. Reistance levels are seen at $7.982 and $8.532. Watch for downward opportunities.