Bitcoin analysis for December 15, 2017

analytics5a33b06b4da54.png

Bitcoin (BTC) has been trading upwards. The price tested the level of $18,408. South Korea's government released emergency measures for cryptocurrency regulation on Thursday. Bitcoin exchanges will now be regulated. Among other measures, there will be a ban on banks, minors, and foreigners trading cryptocurrency as well as a clampdown on virtual bank accounts needed to trade cryptocurrencies in Korea. Technical picture looks bullish.

Trading recommendations:

According to the 1H time - frame, I found broken sideways base, which is a sign that selling look risky. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $17,958 (on the test), Fibonacci expansion 100% at the price of $19,415 and Fibonacci expansion 161.8% at the price of $21,733. Watch for buying opportunities.

Support/Resistance

$17,532 – Resistance became support

$17,958– FE 61.8%

$19,412 – FE 100 %

$21,733 – FE 161.8%

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company - www.instaforex.com