For Traders

Analytical Reviews

Crypto-currencies

13.02.201812:06 Forex Analysis & Reviews: Bitcoin analysis for February 13, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.342. The South Korean government intends to introduce an approval system for cryptocurrency exchanges based on the Bitlicense model, developed by the New York State Department of Financial Service. The technical picture looks bearish.

Trading recommendations:

According to the 30M time - frame, I found successful rejection of resistance (the upper diagonal of the channel), which is a sign that sellers arer in control. I also found a breakout of the median line of the channel, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $8.000.

Support/Resistance

$8.706 – Intraday resistance

$8.342– Intraday support

$8.000 – Objective target

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade