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BTC analysis for August 09,.2021 - Resistance at the price of $47.000 is on th test

Technical analysis:

analytics61113efc08867.jpg

BTC is trading upside but there is big important pivot level at the price of $47,000. Watch for the price action around pivot to confirm further direction.

Trading recommendation:

In case of the rejection of the $47.000 level, watch for selling with the downside target at $42,185

In case of the breakout on higher volume, watch for buying with the target at $51,265

Stochastic oscillator is showing overbought condition and potential divergence....

The material has been provided by InstaForex Company - www.instaforex.com