FX.co ★ BTC 10.28.2019 Main Fibonacci confluence at $9.800 held successfully, potential downside on the way

BTC has been trading upside with strong momentum but the resistance was found at $9.800 and exactly at the Fibonacci Retracement confluence (38.2% combined with 61.8%). As long as the BTC can hold the level of 9.900$, there is the chance for downside.

Purple horizontal lines – Major Fibonacci retracements

Green horizontal lines – Sub major Fibonacci retracement

Yellow rectangle - Support level

Falling purple line – Expected path

Based on the 4H time-frame, I found that Stochastic oscillator looks way overbought and that there is chance for the pullback into the $8.705 zone. Due to overbought condition, buying looks extremely risky.Another great indication that buying is risky is that Fibonacci resistance confluence zone is holding well, which is clean sign that sellers are still present.

Support levels is seen at the price of $8.700 and main resistance at $9.900.