FX.co ★ BTC analysis for 02.07.2020 - Potential drop on the BTC is coming due to lack of demand near $9.850

Industry news:

The world's leading cryptocurrency exchange has just announced its intentions to launch the BNB/USDT perpetual contract. This will essentially enable users to short BNB. Up until now, they only had the option to trade BNB on the regular spot exchange.

Technical analysis:

BTC has been trading sideways at the price of $9.750. Anyway, I found that there is solid resistance build at $9.860, which increased the risk of being long. My advice is to watch for selling opportunities and potential drop to $9.523 and $9.060.

MACD oscillator is showing bear divergence and 4 pushes up with decreasing momentum, which is sign of weak buying.

Short-term resistance level is set at $9.860

Support levels are set at the price of $9.523 and $9.060