Bitcoin price did perfect test and reject of the middle Bollinger band line (20 SMA) at the level of $9.900. There is chance for further downside in case of the gap fill.
Green lines – Bollinger bands
Black line – Support became resistance
This week BTC increased all the way up to $9.900 level but it found resistance there. I would pay attention to potential gap fill into the area $8.800. If the price fill the gap from current week, there is a chance for test of the support cluster at $7.700.
For the buying opportunities you can watch potential breakout of the $9.900 to confirm test of $10.500
For the selling opportunities you would need the BTC to fill the gap zone and confirm further downside movement.
Middle Bollinger line is set at $9.400 (arcing like resistance)
The material has been provided by InstaForex Company - www.instaforex.com