Bitcoin analysis for February 08, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $8.430. Jobs and applicants for employment in the cryptocurrency sector have increased substantially in India, despite the current attitude in Delhi towards bitcoin. The significant growth has been registered in the second half of last year, a period of great uncertainty about the crypto future of the country. This month Indian government reaffirmed its commitment to eliminate illicit use of cryptocurrencies. New regulations are expected in March. Technical picturer is neutral to bearish.

Trading recommendations:

According to the 30M time - frame, I found broken bearish pennant in the background, whcih is a sign that buying looks risky. I also found a hidden bearish divergence on the mocing averrage oscillator in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities if you see the breakout of lower diagonal of new crreated upward trendline. Downward targets will be set at the price of $7.490 and at the price of $5.960.

Support/Resistance

$8.573 – Intraday resistance

$7.845– Intraday support

$7.502 – Objective target 1

$5.960 – Objective target 2

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