FX.co ★ Bitcoin analysis for May 01, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.828. The Japanese financial regulator has confirmed that so far eight companies have expressed the intention to withdraw their applications to operate cryptocurrency exchanges. Meanwhile, about 100 more companies are seeking to enter the market. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H4 time - frame, I found that price broke a rising wedge in the background, which is a sign that sellers are in control. I also found that price is trading inside of the downwrad channel and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.616 and at the price of $8.322.

Support/Resistance

$9.000 – Intraday resistance

$8.810– Intraday support

$8.616 – Objective target 1

$8.322 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.