FX.co ★ Bitcoin analysis for January 29, 2018

The Bitcoin (BTC) has been trading sideways at the price of $11,200. The Russian ministry is preparing a bill for the regulation of cryptocurrency mining which reportedly includes a "special system" to detect crypto miners. In addition, there may be a 2-year tax break for miners as well as energy quotas and special tariffs. Technical picture is neutral to bearish.

Trading recommendations:

According to the 30M time - frame, I found a bearish breakout of upward trendline in the background, which is a sign of strength. I also found a hidden bearish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $10,839 and $10,277.

Support/Resistance

$11.912 – Intraday resistance

$11.069– Intraday support

$10.839 – Objective target 1

$10.277 – Objective target 2

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