10.09.201917:47 Forex Analysis & Reviews: BTC 09.10.2019 -Sellers in control, downward target set at $9,350

Industry news:

Chairman of the United States Securities and Exchange Commission (SEC), Jay Clayton has said that the organization is getting ever closer to finally approving a bitcoin ETF. However, Clayton went onto warn that further work needs to be done to avoid the manipulation of price and make sure the market is transparent.

Technical view:

Bitcoin did exactly what I expected last yesterday and our downward target is still expected at the price of $9.350

Pink lines – Larger symmetrical triangle in play

Black lines - Channel

Green falling line – Expected path

Nothing specially changed since my yesterday's analysis.I still still expect potential new wave down for potential fulfill of the lower symmetrical triangle boundary. Additionally, I found that momentum on the upside decreasing in last up wave, which is indication for the weak buyers on the market. Key support is at $9.350 and resistance at $11.000 and $11.200. Bulls need to be very cautious as there is strong aggressive selling from the key resistance. As long as the Bitcoin is trading below $11.200, I would watch for selling opportunities. Watch for selling opportunities on the rallies on lower frames 5/15 for better timing. Most recently, I found rejection of the middle Bollinger band, which is another confirmation for the downward continuation.