BTC analysis for 02.06.2020 – Watch for potential downside on the BTC due to overbought condition and rejection of the median

By | February 6, 2020
InstaForex
BTC analysis for 02.06

Relevance up to 06:00 2020-02-07 UTC–8

Industry news:

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WazirX was the latest Initial Exchange Offering to take place on the Binance Launchpad. It was completed on February 4th, and it raised a total of $2 million.

The sale saw 100,000,000 WRX tokens distributed to the lucky winners, each one of which cost them $0.018. At the time of this writing, WRX is trading at about $0.13, which is about 550% more than its sale price. However, the token peaked at $0.144, which is an increase of exactly 700% against the USD.

Technical analysis:

BTC has been trading downwards upwards. BTC tested Pitchfork median line at $9.900 from the most recent swing and started to slow down. I expect rotation around the Pitchfork median line and few pivot swing to be made.

Watch for selling opportunities and potential rotation down towards the $9.554 and $9.060

Stochastic oscillator is showing overbought reading and potential for sell off…

Major resistances are set at the price of $9.900 and $9.930

Support levels are seen at the price of $9.555 and $9.030.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Petar Jacimovic,
Analytical expert
InstaForex Group © 2007-2020

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