Bitcoin analysis for October 12, 2017

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Bitcoin (BTC) has been trading upwards. The price spiked and tested the level of $5.232 driven on the news that Vladimir Putin and Russian regulators announced that cryptocurrencie will be officially regulated in Russia. The central bank and the finance ministry will now work together to come up with one draft law to provide a basic regulatory framework for cryptocurrencies including bitcoin, which is expected to pass by the year's end. The technical picture looks very bullish.

Trading recommendations:

According to the 30M time frame, I found a broken trading range, which is a sign that selling looks risky. There is strong reading on ADX with above 70 period, which is a sign that momentum is very strong in favor of buyers. My advice is to watch for potential buying opportunties. The upward targets are set at the price of $5.310, $5.465 and $5.709.

Support/Resistance

$5.068 – Intraday support (price action)

$5.310 – First objective target (price action)

$5.465 – Second objective target

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