Bitcoin analysis for December 07, 2017

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $14,657. A recently-announced Russian presidential candidate, Boris Titov, is a bitcoin advocate. He promises to legalize bitcoin and other cryptocurrencies if elected. Titov is a friend with President Vladimir Putin and heads up his efforts to fight corruption. He has also repeatedly advocated for the legalization of bitcoin in Russia, suggesting the country should follow Japan's lead.

Trading recommendations:

According to the 1H time frame, I found a broken upward trendline, which is a sign that buying looks risky. I also found a bearish engulfing candle pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $13,145 and at the price of $12,203.

Support/Resistance

$14.666– Intraday resistance (price action)

$13.145 – First objective target

$12.203 – Second objective target

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