FX.co ★ Bitcoin analysis for February 13, 2018

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.342. The South Korean government intends to introduce an approval system for cryptocurrency exchanges based on the Bitlicense model, developed by the New York State Department of Financial Service. The technical picture looks bearish.

Trading recommendations:

According to the 30M time - frame, I found successful rejection of resistance (the upper diagonal of the channel), which is a sign that sellers arer in control. I also found a breakout of the median line of the channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $8.000.

Support/Resistance

$8.706 – Intraday resistance

$8.342– Intraday support

$8.000 – Objective target

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