FX.co ★ BTC 09.27.2019 - BTC almost reached our first target, watch for selling on the rallies

BTC has been trading downwards as I expected. The BTC is approaching our first downward target from previous forecast at the price of $7,510. My current expectation is that we might see small rally and more potential downside towards the level of $7,510.

Blue horizontal lines – Support levels based on the price action

Red rectangle – Swing low acting like resistance

Yellow rectangle – Major resistance

Falling purple line – Expected path

MACD oscillator is showing bullish divergence, which may cause BTC to rally.. Good selling zone is set at $8,420-$8,450. Based on the 4H time-frame, I BTC is still trading in the downward channel with not big signs for any reversal. Downward targets are set at the price of $7,510 and $6,645.