Bitcoin analysis for January 10, 2018


Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $13.276. The Venezuelan parliament has declared the oil-backed cryptocurrency created by President Nicolas Maduro illegal and in violation of the country's Constitution. Maduro's decree to create the national cryptocurrency, the petro, has been declared null and void. Technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found a broken bearish pennant, which is a sign that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator in the background, which is another sign of weakness. The downward targets are set at the price of $12.728, $10.671 and at the price of $8.225.


$14.321 – Intraday resistance (price action)

$13.276– Intraday support

$12.728 – Objective target 1

$10.671 – Objective target 2

$8.225 – Objective target 3

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