Bitcoin 1H time-frame:
Yellow rectangle – Downward objective
Pink trendline – Expected path
Black lines – Resistance levels
Bitcoin on the 1-hour did exactly what I expected yesterday and that rejection of the strong resistance at $10.800, which is good sign for the further downside. I placed Pitchfork channel to find potential objective for the downward movement. There is a chance for the re-test of the $9.400. Still, investors are involved in Gold and Silver on the upside and I don't see any indication of any larger demand for the Bitcoin, which is sign that there is more potential downside.
Bitcoin Forecast and recommendations for traders:
Bitcoin is in overall consolidation phase but most recently I found test of the major resistance, which is sign that there is chance for more downside and potential test of $9.400. Thus, I recommend selling crypto currency with a target of $9,400, with a Stop Loss level of $11.000.
