FX.co ★ BTC 12.13.2019 - Watch for new down cycle and breakout of the bear flag pattern

Industry news:

On-Demand Liquidity (ODL), Ripple's XRP payment solution used by "more than two dozen" of the firm's customers, reportedly helps save up to 80% in remittance fees, according to money transfer firm SendFriend.

Ripple revealed David Lighton, co-founder and CEO of SendFriend, touted ODL as a solution that helps its own customers save while speaking at a conference this week. The CEO explained that Ripple's XRP solution removed the need for businesses to pre-fund their accounts in destination currencies, removing the need for a large amount of working capital.

Technical analysis:

BTC is still trading in consolidation phase at the price of $7.250 Anyway, there is chance for further downside and I expect down cycle with potential for test of $6.857 and $6.545. I also found, the potential bear flag pattern in creation.

MACD oscillator is showing neutral condition with the slow line below the zero.

Resistance levels are seen at $7.282 and $7.620.

Support levels are set at the price of $6.857 and $6.543