Bitcoin (BTC) has been trading upwards. The price tested the level of $11,532. Regional media reported that Her Majesty’s Treasury (Treasury) of the United Kingdom (UK) is “launching a crackdown on the virtual currency Bitcoin amid growing concern it is being used to launder money and dodge tax.” Bitcoin enthusiasts, however, understand that the world’s most popular cryptocurrency’s persistent all-time-high price records, rather than terror or tax avoidance, are drawing more governments into formal regulatory policy and announcements. The technical picture looks bearish.
According to the 1H time frame, I found a broken upward channel, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $10,610, $10,130 and at the price of $8,961.
$11.532 – Intraday resistance (price action)
$10.611 – First objective target
$10.130 – Second objective target
$8.961 – Third objective target
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Petar Jacimovic,
InstaForex Group © 2007-2017
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