FX.co ★ BTC analysis for June 01,.2020 - Broken upward channel and potential for the bigger drop towards the $8.750 and Pitchfork Median Line

Corona virus summary:

Technical analysis:

BTC has been trading upwards. The price tested and rejected of the level at $9,600. I see further downside rotation towards the levels at $8,760 and $8,650..

Trading recommendation:

Watch for selling opportunities on the BTC due to overbought condiiton on the Stochastic oscillator.

I also found the breakout of the upward channel in the background, which is another sign for the weakness.

The downward targets are set at $8,760 and $8,650.