Technical analysis:
BTC has been trading sideways at the price of $31.000. The short-term trend is still downside and I see potential for the downside continuation. Key resistance is set at the price of $32.500.
Trading recommendation:
Due to the strong downside cycle and potential for the completion of the upside correction ABC, I see potential for the downside continuation.
Watch for potential selling opportunities on intraday rallies with the downside objective at the price of $28.700 and $25.450.
Stochastic oscillator is showing overbought condition with potential for the bear cross, which is sign for further downside rotation.
