Bitcoin analysis for September 15, 2017

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $3,205 driven on the news Chinese bitcoin exchange ViaBTC has announced it will cease trading at the end of September – the second exchange in as many days to do so. According to an announcement, following the recent statement from the People's Bank of China and other authorities on exchange regulation and ICO risks, ViaBTC has decided to shutter its China-facing website. Techincal picture is still very bearish.

Trading recommendations:

According to the 1H time frame, I found broken support at $3,185, which is a sign that buying looks risky. There is a hidden bearish divergence on the movig average oscilator, which is another sign of weakness. My advice is to watch for potential selling opportuntiies. The first downward target is set at the price of $2,500.

Support/Resistance

$3.185 – Intraday resistance (price action)

$3.435 – Intraday resistance (price action)

$2.500 – Support (round number)

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