FX.co ★ Bitcoin analysis for March 07, 2018

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $10.369. The controversial owner of the web portal Bitcoin.org and Bitcointalk, an anon named 'Cobra Bitcoin', has been a popular subject within the cryptocurrency community lately. It's strange that a person who nobody really knows has so much control within the BTC community, and lately his messages have been very cryptic, even making some believe his accounts have been compromised. The techical picture on Bitcoin looks bearish.

Trading recommendations:

According to the 30M time - frame, I found that price did a successful breakout of the strong upward channel in the background, which caused the price to go lower. In my opinion sellers are in control. I also found a broken bearish pennant pattern which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $10.185 and at the price of $9.931.

Support/Resistance

$10.855 – Intraday resistance

$10.360– Intraday support

$10.185 – Objective target 1

$9.331 – Objective target 2

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