FX.co ★ BTC 08.23.2019 - Resistance on the test

Industry news:

According to the recently released blog post, this experimental "canary" network is an early and experimental pre-production trial network that aims at helping understand how new technologies are able to perform under "real" economic conditions.

The Kusama network is an unaudited and unrefined released of Polkadot that would allow different developers to build new systems or try the different functionalities provided by Polkadot.

Technical view:

From the hourly time-frame prospective, BTC is trading at the upper trendline and near the important resistance at $10,572. Be very careful with long positions due to potential reversal and new wave down.

Green rectangles – Resistance ($10,550)

Black Upper diagonal – Resistance

Brown rectangle – Support 1 ($10,000)

Yellow rectangle – Support 2 ($9,770)

Red lines – Expected path

BTC is trading upwards but the structure on the upside looks corrective and there is chance for potential downside. Any reversal pattern near the important resistance or near the upper trend line may confirm further downside movement and potential testing of $10,000-$9,770.