12.09.201918:36 Forex Analysis & Reviews: BTC 09.12.2019 - Important short-term resitance on the test at $11,400, watch for sell opportunities

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Bitcoin 4H time-frame:

MACD oscillator on the 4H is not showing any new momentum up on the recent rally, which is sign of the weak buying. Important resistance at the price of $10,400 is on the test and you should be careful with long positions. I didn't find any reaction after the ECB meeting today, which is indication that no institutional money is involved into Bitcoin for now.

Bitcoin Forecast and recommendations for traders:

Bitcoin is in overall consolidation phase but most recently I found weak bullish momentum on the MACD oscillator, which is sign that there is chance for more downside and potential of $9,855 or $9,350. Thus, I recommend selling cryptocurrency with the first target at $9,855.

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