FX.co ★ Bitcoin analysis for February 09, 2018

The Bitcoin (BTC) has been trading sideways at the price of $8.150. Accusations, rumors, and fears of manipulation in the cryptocurrency market have been around for a long while now. The most recent one involves Tether supposedly artificially propping up the price of bitcoin by printing USDT. Now one regulator demands that companies in its jurisdiction will take action against such possible risks. Technical picture looks neutral to bearish.

Trading recommendations:

According to the 30M time - frame, I found bearish head and shoulders pattern in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see valid breakout level of the neckline. The downward targets will be set at the price of $6.755 and at the price of $5.960.

Support/Resistance

$8.422 – Intraday resistance

$7.680 – Intraday support

$6.755 – Objective target 1

$5.960 – Objective target 2

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