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The Bitcoin (BTC) has been trading sideways at the price of $3,850. The news about China are still big threat for buyers. Chinese bitcoin exchange ViaBTC has announced it will cease trading at the end of September – the second exchange in as many days to do so. According to an announcement, following the recent statement from the People's Bank of China and other authorities on exchange regulation and ICO risks, ViaBTC has decided to shutter its China-facing website. The techincal picture is still very bearish and buyers are weak.
Trading recommendations:
According to the 1H time frame, I found a strong resistance cluster at the price of $4,000. The strong support now became strong resistance, which is a sign that buying looks risky. There is also a broken rising wedge in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $3,720, $3,463, and $2.976.
Support/Resistance
$3.970 – Intraday resistance (price action)
$4.000 – Major cluster resistance (price action)
$3.720 – Intraday support (price action)
$3.463 – Pattern objective target
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