FX.co ★ BTC 08.21.2019 - potential long term bear cycle in the play

Industry news:

The narrative about the Chinese buying up Bitcoin is flowing two ways – some reports say that the Chinese are turning to the cryptocurrency because of the FUD created by the US-China trade war, while others indicate that the Chinese are not buying up crypto. An article by Nikkei Asian Review highlights that China's central bank may be pushing the demand for Bitcoin after all. "

Technical view:

Nothing changed since my yesterday's forecast.From the weekly time-frame prospective, BTC is trading inside of the trading range between the price of $12,275(high) and $9,000 (low).The high from June at $14,000 is holding well for 9 weeks and it is a warning for the further upside. I see potential for more downside.

Yellow rectangle – Major resistance ($14,00)

Purple horizontal line – Support 1 ($9,095)

Green rectangle – Support 2 ($6,755)

Blue lines – Pitchfork channels

Weekly pivot points:

S3 S2 S1 P R1 R2 R3

6214.61

8302.99

9210.35

10391.37

11298.73

12479.75

14568.13

There is a successful test and reject of the Pitchfork upward channel and stagnation for 9weeks, which is for me sign of the potential more downside. My advice is to watch for shorting opportunity here with targets at $9,095 and $6,755 as long as the BTC is trading below the $14,000.