Bitcoin analysis for January 04, 2018

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Bitcoin (BTC) has been trading sideways at the price of $14.500. Two major Chinese cryptocurrency exchanges have delayed their launches in South Korea due to uncertainties surrounding the government's regulation. The regulators are currently working on a real-name identification system that will end the anonymous trading of cryptocurrencies in the country. Technical picture looks bearish.

Trading recommendations:

According to the 30M time frame, I found a breakout of horizontal base, which is a sign that buying looks risky and that short-term sellers are in control. Key resistance is set at the price of $14.600. My advice is to watch for potential selling opportunities. The projected downward target is set at the price of $13.610.

Support/Resistance

$14.600 – Intraday resistance (price action)

$14.015– Intraday support

$13.610 – Objective target

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