Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $17,417. South Korea’s top financial regulators have clarified their position following reports by local media that they have been considering a possible ban on all cryptocurrency transactions, particularly bitcoin. The technical picture looks bullish.
Trading recommendations:
According to the 30M time frame, I found the broken intraday bullish flag, which is a sign that selling looks risky. The buying pressure is present and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $17,423 and $18,600.
Support/Resistance
$17,423 – Intraday resistance (price action)
$16,194 – Intraday support
$15,945 – Intraday support 2 (price action)
$17,423 – First objective point
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $17,417. South Korea’s top financial regulators have clarified their position following reports by local media that they have been considering a possible ban on all cryptocurrency transactions, particularly bitcoin. The technical picture looks bullish.
Trading recommendations:
According to the 30M time frame, I found the broken intraday bullish flag, which is a sign that selling looks risky. The buying pressure is present and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $17,423 and $18,600.
Support/Resistance
$17,423 – Intraday resistance (price action)
$16,194 – Intraday support
$15,945 – Intraday support 2 (price action)
$17,423 – First objective point
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company – www.instaforex.com
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