FX.co ★ BTC 10.23.2019 - Down breakout of consolidaiton and new momentum on the MACD, watch for selling opporutnities on the rallies

BTC finally did breakout of our consolidation zone and we got the new momentum down on the oscillator. If you got any selling positions it is good time to exit at least partial at 7.440. There is chance for test of 6.554.

Blue horizontal lines – Important support levels

Rising purple lines – Broken consolidation zone

Purple falling line – Expected path

Due to strong down breakout of the consolidation zone, I expect more downside and potential test of 6.554. The 2week consolidation is finished and new sellers did start new down wave. Recent swing low at 7.690 will eventually act like resistance and good zone for re-sell. Watch for selling opportunities on the rallies.

MACD oscillator is showing new momentum down and the slow line also turned bearish, which is another sign of the weakness.