BTC did exactly what I expected in my previous forecast. BTC broke the upward trend line and did make new momentum low on the MACD oscillator, which is indication for new supply on the market.
Red horizontal line – Support level and first downward objective
Yellow rectangle – Recent swing low acting like resistance
Pink lower diagonal – Important support and second objective target
MACD oscillator is showing good new momentum low in the background and I do expect at least another down wave. Key support levels are seen at $9,870 and $9,355 and resistance levels at $10,180 and $10,450. Bulls need to be very cautious as there is strong downward momentum in the background and potential selling the rally type of feeling. As long as the BTC is trading below $10,500 there is a chance for more downside and potential test of $9,870.
