Bitcoin (BTC) has been trading downwards. As I expected, the price tested my third target level at the $9.857. Venezuela's president Nicols Maduro has announced the pre-sale of his country's national oil-backed cryptocurrency, the petro. In addition, he has presented and signed the official petro's whitepaper and unveiled the Petro Container for mining the new currency. Intrraday technical picture looks neutral to bullish.
Trading recommendations:
According to the 30M time - frame, I found an inverted head and shoulders pattern, which is a sign that selling looks risky. The breakout of $10.300 will confirm the pattern. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strerngth. My advice is to watch for potential buying opportunities. The projected upward target is set at the price of $10.985.
Support/Resistance
$10.479 – Intraday resistance
$9.715 – Intraday support
$10.985 – Objective target
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