FX.co ★ BTC 09.02.2019 - Sell zone for Bitcoin

Bitcoin 1H time-frame:

Yellow rectangle – Major resitance

Pink trendline – Expected path

Brown trendline – Supply-Resitance trendline

Bitcoin on the 1-hour is testing the key supply trend line. I do expect potential end of the upward correction in near future. I didn't find any major reversal activity in the background and that is why I still see more potential for the downside. Major resistance is set at the price of $10,000. I also found the bearish divergence in creation on the MACD oscillator, which is another indication for the further downside.

Bitcoin Forecast and recommendations for traders:

Bitcoin is in overall consolidation phase but most recently I found test of the major resistance, which is sign that there is chance for more downside and potential of $9,727 or $9,106. Thus, I recommend selling crypto currency with a target of $9,270, with a Stop Loss level of $10,700.