Bitcoin analysis for January 11, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $12.594 (first target met). Jamie Dimon of JP Morgan Chase says he regrets calling bitcoin a fraud. Now, legacy bank Goldman Sachs is formally recognizing how cryptocurrencies such as bitcoin could act as global money. 2018 might be shaping up to be the year bitcoin gets more mainstream than ever. The technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, the bearish pennant is progresing very good. The hidden bearish divergence in the backgorund is now confirmed. My advice is to watch for selling opportunities. The downward targets are set at the price of $10.651 and at the prrice of $8.225.

Support/Resistance

$14.902 – Intraday resistance (price action)

$12.594– Intraday support

$10.651 – Objective target 1

$8.225 – Objective target 2

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