Bitcoin analysis for December 05, 2017 05.12.2017

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Exchange Rates 05.12.2017 analysis

Bitcoin (BTC) has been trading upwards. The price tested the level of $11,826. RSK Labs has announced that the main network of their Bitcoin-powered smart contract platform is launching in beta on Monday after more than two years of development. The company claims to have secured the support of 90 percent of Bitcoin’s hashing power for merge mining the RSK sidechain. All developers are encouraged to take part in a bug bounty program during this beta phase. The technical picture looks bullish.

Trading recommendations:

According to the 30M time – frame, I found successful rejection of support at the price of $11,487, which is a sign that selling looks risky. The trend is bullish and my advice is to watch for potential buying opportunities. The upawrd target is set at the price of $12,380.

Support/Resistance

$11.062 – Intraday pivot

$11.908 – Pivot resistance 1

$12.381 – Pivot resistance 2

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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,
Analytical expert
InstaForex Group © 2007-2017

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