12.08.201916:25 Forex-elemzések és áttekintések: BTC 08.12.2019 - Potential completion of ABC downwrad correction

Industry news:

While Binance US, the American branch of major cryptocurrency exchange Binance, included four stablecoins among its 30 potential candidates to be listed on this upcoming platform, no Binance IEOs (initial exchange offerings) are on the list.

Hyped projects such as BitTorrent (47th by market capitalization), Fetch.AI (207), Celer (180) and Matic Network (127), that raised capital on the Binance Launchpad platform, have been left outside of the list alongside with many other coins, including Tron (13th by market capitalization).

(Meanwhile, competing major American exchange Coinbase is considering the addition of new assets, including Harmony and Matic, both of which offered tokens to the public via the Binance Launchpad.)

BTC has been trading lower in past 24 hours but it found support at the price of $11.200. There is potential for the completion of the ABC downward correction and my advice is to watch for buying opportunities.

Blue horizontal line: Support ($11.200)

Red lines – ABC legs

Yellow rectangle – Key resistance zone ($12.000-$12.250)

Stochastic oscillator is showing the oversold condition and the fresh flip up, which is sign that sellers got "too short" and that rally is possible. BTC did stop at the lower Bollinger band, which is another sign of the oversold condition.

Trading recommendation:

According to current market conditions, my advice is to watch for buying opportunities and go with the direction of the overall trend. Targets are seen at the price of $12.015 and $12.250.