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The Bitcoin (BTC) has been trading sideways at the price of $3.950. The U.S. Securities and Exchange Commission (SEC) declared this summer that initial coin offering (ICO) tokens were subject to federal securities laws. Just recently, the regulatory agency announced that it would hold an investor advisory committee meeting on October 12 to discuss the implications of blockchain technology for securities markets.
Trading recommendations:
According to the 1H time frame, I found 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 testing of Fibonacci retracement 50% at the price of $3.495. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $3.501 and $2.976
Support/Resistance
$3.945 – Intraday resistance (price action and Fibonacci)
$4.000 – Major cluster resistance (price action)
$3.482 – Intraday support (price action)
$3.500 – Pattern objective target
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