FX.co ★ BTC analysis for 05.01.2020 - Potential for the downside movement on the BTC towrads the level at $7.826

BTC News:

Once a niche enthusiasm with the launch of Bitcoin (BTC), digital money powered by blockchain technology has matured rapidly in just a few short years. The market is now highly diverse. For example, audited stablecoins, along with fixed use digital cash projects introduced by Wells Fargo and JP Morgan last year, stand in stark contrast to cryptocurrencies that fluctuate as much as 10% a day. The ultimate sign of graduation from the margins into the mainstream, however, is perhaps the way that central banks are now embracing the technology.

Technical analysis:

BTC has been trading sideywas at the price of $8,740 but it got agressive sellers from the top at $9,490. I would wait for potential sell trigger with the downward targets at $7,826 and $7,533.

Trading recommendation:

Stochastic oscillator is on the down cycle.