Bitcoin analysis for January 03, 2018

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Bitcoin (BTC) has been trading upwards at the price of $15.359. Bitcoin should be regulated and even taxed, according to a European Central Bank (ECB) governing council member. Ewald Nowotny, head of the Oesterreichische Nationalbank, Austria's central bank, said in an interview with German paper Sueddeutsche Zeitung that anyone who participates in a financial transaction should be clearly identified, on top of paying value-added tax (VAT). Technical picture looks bullish.

Trading recommendations: According to the 1H time frame, I found a broken supply trend line, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of $16.430 and $17.336.

Support/Resistance

$15.359 – Intraday resistance (price action)

$14.733– Intraday support

$16.430 – Objective target

$17.336 – Second objective target

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