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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $3,850 driven on the news that Chinese bitcoin exchange executives must stay in China during the government's crackdown and "clean-up" of the nation's cryptocurrency industries. A rough translation from a story published by China's Bjnews states that "a number of informed sources say the executives of special currency trading platforms are not allowed to leave Beijing to cooperate with the investigation. The technical picture confirms downward presure.
According to the 1H time frame, I found a strong rejection from key resistnace cluster at the price of $4,000, which is a sign that buying looks risky. Another sign of weakness is a breakout of rising wedges in the background. My advice is to watch for selling opportunities. Downward targets are set at the price of $3,643 and $2,976.
Support/Resistance
$3,750 – Intraday resistance (price action)
$4,000 – Major cluster resistance (price action)
$3,463 – Pattern objective target
$2,976 – Second objective target (price action)
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