FX.co - BTC analysis for July 10,.2020 - Fake breakout of the supply trendline and potential for the bigger drop towards the $7.800

10 July 2020 at 11:55AM (UTC+0)

Relevance until12 July 2020 at 11:55AM (UTC+0)

BTC analysis for July 10,.2020 - Fake breakout of the supply trendline and potential for the bigger drop towards the $7.800

Technical analysis:

BTC analysis for July 10,.2020 - Fake breakout of the supply trendline and potential for the bigger drop towards the $7.800

BTC has been trading downwards and it confirmed the fake breakout for the supply trend line, which is indication for the further downside movement. I see further drop on BTC towards the $8,000 level.

Trading recommendation:

Based on the 4H time-frame price action chart, I found that there is fake breakout of the resistance at the price of $9,400, which is big clue that sellers took control over buyers.

Watch for selling opportunities on the rallies using the intraday charts like 15/30 minutes for better entry location.

Downward reference and target is set at $7,800

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade

#Crypto-currencies #Bitcoin #Bitcoin Cash #BTCUSD #BCHUSD

Analytical expert

Petar Jacimovic

InstaFintech Group @ 2007-2025

FX.co ★ BTC analysis for July 10,.2020 - Fake breakout of the supply trendline and potential for the bigger drop towards the $7.800

Forex Analysis

BTC analysis for July 10,.2020 - Fake breakout of the supply trendline and potential for the bigger drop towards the $7.800