Bitcoin analysis for January 24, 2018 24.01.2018

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Exchange Rates 24.01.2018 analysis

Bitcoin (BTC) has been trading sideways at the price of $10.992. The South Korean government has officially released two sets of previously promised guidelines that specify cryptocurrency regulatory measures. In addition to details of the new real-name system to end anonymous trading of cryptocurrencies, the government also published its anti-money laundering guidelines for banks providing services to cryptocurrency exchanges. The technical picture is neutral to bearish.

Trading recommendations:

According to the 30M time – frame, I found a potential intraday head and shoulders formation in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see the breakout of the neckline. The downward projection for this pattern is set at the price of $9.200.

Support/Resistance

$11.131 – Intraday resistance

$10.716 – Intraday support

$9.200 – Pattern 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,
Analytical expert
InstaForex Group © 2007-2018

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