Bitcoin analysis for December 21, 2017

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Bitcoin (BTC) has been trading downwards. The price tested the level of $15.466. A potentially giant step toward approval for listing bitcoin futures as exchange traded funds (ETFs) was taken this week when the New York Stock Exchange (NYSE) Arca, owned by Intercontinental Exchange (ICE), filed a petition for a rule change regarding two potential ETFs. The document presumes much of the groundwork to be already completed, and could signal readiness to embrace even more mainstream acceptance for the world's most popular cryptocurrency. Technical picture looks bearish.

Trading recommendations:

According to 4H time - frame, I found a broken pennant pattern, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $13.723.

Support/Resistance

$17.296 – Intraday resistance (price action)

$15.466 – Intraday support

$13.723 – Objective target

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