FX.co ★ BTC 10.17.2019 -Sell zone for BTC and bearish flag in creation

BTC has been trading sideways at the price of 8.052. There is still downside potential and my advice is to watch for selling opportunities. Downward target is set at the price of 7.723.

Green rectangle – Support levels

Purple lines – Bearish flag in creation

Purple falling line – Expected path

Based on the 4H time-frame, there is potential for another downward wave and test of 7.723. Middle Bollinger line (20SMA) acting like resistance and most recently, I found the doji candle just around the 20SMA, which is sign for the weak demand. Resistance levels are found at 8.107 and 8.170. Support is set at the price of 7.723.