Bitcoin analysis for October 11, 2017




The Bitcoin (BTC) has been trading to the downside. The price tested the level of $4.692. The President of the Russian Federation, Vladimir Putin, held a meeting on Tuesday to discuss cryptocurrencies. It was attended by the best regulators, including the central bank governor, his deputy, and the minister of finance. While Putin has recognised the risks associated with cryptocurrencies, he stressed the importance of not «build up unnecessary barriers» for new technologies. Anyway, the state of the art intraday picture is bearish.

Trading recommendations:

According to the 15M time frame, I found the false breakout of the trading range in the background, which is a sign that buying looks risky. There is also a strong decrease of the reaction after the false breakout and a broken bearish flag, which is another sign of weakness. My tip is to watch for potential selling opportunities. The downside targets are set at a price of $4.690, $4.613 and $4.490.

Support/Resistance

$4.819 – Intraday resistance (price action)

$4.689 – First target (share price)

$4.613 – Second target (expansion of Fibonacci 100%)

$4.490 – Third target (Fibonacci expansion 161.8%)

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