BRC bulls are unable to trade above the resistance at $9.444 and bears reacted. At current market conditions I prefer to be bearish since there is the breakout of upward channel.. With FOMC today my advice is to define proper risk control before you make any trade.
Black lines – Upward channel (broken)
Blue rectangle – Major resistance
Yellow rectangle – Support
Blue lines – Downward Pitchfork channel
BTC did break the upward channel and on the way it confirmed that bears took control from bulls. The RSI oscillator showed the bearish divergence, which is another great confirmation that there is potential downward movement in the next period. I did placed Pitchfork lines to see where the BTC can go down. The level of $8.075 seems like a good place to scale position. Only if I see breakout of the $9.444, I would watch for potential buying opportunities.
