Bitcoin analysis for January 09, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $14585. South Korean regulators are seeking cooperation with counterparts from Beijing and Tokyo to address cryptocurrency speculation. Six commercial banks have been targeted by Seoul authorities inspecting crypto trading. Korean experience is to help a possible trilateral approach to regulation.The technical picture is neutral to bearish.

Trading recommendations:

According to the 4H timeframe, I found broken wedge formation, which is a sign that buying looks risky and that sellers are in control. 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 targets are set at the price of $12.759 and at the price of $10.671.

Support/Resistance

$15.309 – Intraday resistance (price action)

$14.370– Intraday support

$12.759 – Objective target 1

$10.671 – Objective target 2

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