Industry news:
Two of the largest cryptocurrency trading venues are experiencing issues. Friday saw both OKEx and Bitfinex take unexpected downtime following what are suspected to be DDoS attacks.
Whilst there is no evidence to actually confirm it, the fact that the two attacks occurred in a matter of hours suggests they are related. The CEO of OKEx is now offering to double the pay of anyone behind the DDoS attacks that is willing to provide information to the exchange.
Technical analysis:
BTC has been trading downwards as I expected. BTC did hit our first downward target from yesterday at the price of $8.421. Anyway, I still expect more downside and potential testing of $8.261 and $7.695.
The most recent drop did start after the BTC breakdown of the bear flag that we mentioned yesterday. Watch for selling opportunities on the rallies using the intraday frames like 15/30 minutes...
MACD oscillator is showing strong momentum to the downside with the slow line turned to the bear.
Support levels and downward targets are set at the price of $8.260 and $7.695
Resistance levels are set at $8.515 and $8.925.
