Bitcoin analysis for January 02, 2018

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Bitcoin (BTC) has been trading sideways at the price of $13.772. President Vladimir Putin has reportedly commissioned Russian officials to work on developing a national cryptocurrency dubbed the "cryptorouble". According to the Financial Times, Sergei Glazev, an economic adviser to the president, told a government meeting that the cryptocurrency would serve as a "useful tool" to evade western economic sanctions. The technical picture looks bearish.

Trading recommendations: According to the 1H time - frame, I found a broken pennant formation in the background, which is a sign that buying looks risky. I also found a series of lower lows and lower high, which is a sign that on the short–term prospect sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $12.035 and at the price of $11.206.

Support/Resistance

$14.149 – Intraday resistance (price action)

$12.870– Intraday support

$12.035 – First objective target

$11.206 – Second objective target

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