Bitcoin analysis for October 19, 2017

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The Bitcoin (BTC) has been trading sideways at the price of $5.628. At a recent State Duma Financial Market Committee meeting, an initiative to create a "crypto-detective agency" in Russia was proposed. This specialized agency will primarily collect all information on Russian companies planning to launch an initial coin offering (ICO) as well as create a registry of them. Intraday technical looks bearish.

Trading recommendations:

According to the 30M time frame, I found rejection from pivot resistance 1 at the price of $5.691, which is a sign that buying looks risky. There is an overbought Stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $5.397 (pivot), $5.200 (S1) and $4.900 (S2).

Support/Resistance

$5.691 – Pivot resistance 1

$5.397 – Pivot level

$5.200 – Pivot support 1

$4.900 – Pivot support 2

$4.702 – Pivot support 3

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