The Bitcoin (BTC) has been trading downwards. The price tested the level of $8,988. New Zealand's central bank has issued a statement seeking to educate citizens of the fundamentals underpinning cryptocurrencies as well as the implications of such on monetary policy. The senior deputy governor of the Bank of Canada has stated that cryptocurrencies comprise assets or securities, rather than currencies. Brazil's central bank also addressed cryptocurrencies during November, issuing a warning to investors. Technical picture looks bearish.
Trading recommendations:
According to the 30M time frame, I found strong rejection from the resistance at the price of $11,450 in the background. I placed Pitchfork channel to find the median line and I found a successful rejection, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The breakout of $9,360 may confirm potential testing of $8,090 (first target).
Support/Resistance
$10.521 – Intraday resistance (price action)
$8.988 – Intraday support (price action)
$8.090 – First objective point (Fibonacci expansion)
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