Median Pitchfork line at $9.856 held successfully, which is sign that BTC found resistance there and I expect potential downside at least to test lower diagonal of Pitchfork channel at $9.530. There is also potential that BTC test support at $9.443.
ML – Median Pitchfork line (acting like resistance)
Blue rectangle - Support
Black lines- Upward Pitchfork channel
I found that ML held nicely at $9.856, which is sign for me that there is potential downside incoming on the BTC. There is that Stochastic bearish divergence as well in the background, which is another sign of the potential downside. As long as the BTC is trading below the $9.887, I will focus on the downside with the target at $9.433. Only in case of the strong break of the ML on the upside, my focus will be on long side with the potential targets at $10.000-$11.000.
