Bitcoin analysis for February 05, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.555. Several Central Asian countries have taken steps to embrace cryptos one way or another. Kazakhstan, Kyrgyzstan, and Uzbekistan are some of the less conspicuous former Soviet republics, but now they are starting to appear on the crypto radar. With certain inherent advantages and some clever new policies, they try to attract investors and integrate into the global cryptocurrency ecosphere. Technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found strong selling momentum in the background. The broken bearish pennant in the background is doing a good job. My advice is to watch for potential selling opporrtunities. The downward targets are set at the price of $6.813 and major short-term target at the price of $2.640.

Support/Resistance

$8.789 – Intraday resistance (price action)

$7.492– Intraday support

$6.813 – Objective target 1

$2.645 – Objective target 2

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