Bitcoin analysis for January 12, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $13,850. The Russian Ministry of Finance is drafting a bill to legalize cryptocurrency trading on the approved exchanges. The ministry is already preparing a list of approved trading platforms. Th technical picture looks bearish.

Trading recommendations:

According to the 4H timeframe, the major thing is still the broken bearirsh Pennant pattern in the background. My advice is still to watch for potential selling opportunities. The downward targets are set at the levels of $12,745, $10,650 and $8,225.

Support/Resistance

$14,051 – Intraday resistance

$13,271– Intraday support

$12,746 – Objective target 1

$10,651 – Objective target 2

$8,225 – Objective target 3

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