BTC has been trading upwards. BTC re-tested the swing high at the price of $9.440 and reacted lower, which is sign that buying at this stage looks risky. Watch for potential selling opportunities.
Blue rectangle – Short-term resistance
Yellow rectangle – Support
Blue lines- Downward slopping Pitchfork channel
Potential double top formation is forming at the price of $9.310, which is sign that buying looks risky. Only if you see breakout of the $9.440, buying opportunities will be preferable. RSI oscillator is showing bearish divergence and the price structure looks corrective on the upside. The potential break of $9.190 would confirm further downward movement. Important support levels are seen at 8.900 and $8.075. In case of the breakout of the resistance $9.440, watch for buying opportunities with the target at 9.900.
