Bitcoin analysis for January 16, 2018


The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $10.846. New cryptocurrency exchanges are rushing to launch in South Korea despite regulatory uncertainty due to high demand and lucrative business models. Ten crypto platforms are expected to open for business in the first half of this year, including two runs by Kosdaq-listed companies. Technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found broken major pennant formation and symmetrical triangle in the background, which is sign that sellers are in control. Key support level is set at the price of $10.650 and the breakout of this support will confirm further lower price and potential testing of major pattern target at $8.186.


$13.149 – Intraday resistance

$10.846– Intraday support

$8.190 – Objective target

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company -