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The Bitcoin (BTC) has been trading sideways at the price of $3.903 driven on the news that Chinese authorities may be moving toward a broad clampdown on Bitcoin, including peer-to-peer (P2P) exchanges and over-the-counter (OTC) trading platforms. Using the Great Firewall to block IP addresses, access to foreign bitcoin exchanges could be blocked and the Bitcoin transaction network could be disrupted within the country. Bitcoin miners are also worried that their operations could be restricted. The technical picture is swoing strong resistance cluster.
Trading recommendations:
According to the 1H time frame, I found strong resistance cluster. The strong support now became restistance at the price of $4.605. There is also a hidden bearish divergence on the moving oscilator. Watch for potential selling opportunities. The downward targets are set at the price of $3.721, $3.455 and $2.995.
Support/Resistance
$4.000 – Intraday resistance (price action)
$4.065 – Intraday resistance (price action)
$3.721 – Support (first objective)
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