The Bitcoin (BTC) has been trading sideways at the price of $11.270. Despite the warnings of the Israeli regulator that it won’t tolerate bitcoin to get somehow backdoor listed on the Tel Aviv Stock Exchange, public companies keep pivoting into the field. The latest example is a firm that focused on oil refineries until now. All of a sudden it announced plans to sell bitcoin ATMs to casinos in Turkish occupied Northern Cyprus, and possibly Nigeria. Technical picture looks neutral to bearish.
According to the 30M time – frame, I found broken bearish pennant pattern, 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 projected downward target is set at the price of $9.856.
$11.672 – Intraday resistance
$10.822– Intraday support
$9.856 – 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 © 2007-2018
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