28.08.201916:20 Forex Analysis & Reviews: BTC 08.28.2019 - Test of the major supply trendline, more downside yet to come

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Bitcoin 4H time-frame:

Bitcoin is trading sideways at the price of $10,150 but still in the overall downtrend. The 4-hour chart completed bear flag and I do expect more downside to come. The main supply trendline is on the test ($10,200) again and this should provide solid sell area. I don't see any signs of the reversal yet and I would avoid the bullish entries.

Bitcoin Forecast and recommendations for traders:

Bitcoin is in overall consolidation phase but most recently I found confirmed bear flag below the downward slopping trendline, which is sign that there is chance for more downside and potential of $9,727 or $9,106. Thus, I recommend selling cryptocurrency with a target of $9,727, with a Stop Loss level of $10,700.

Daily pivot points

S3 S2 S1 Pivot R1 R2 R3

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