Bitcoin analysis for February 12, 2018

analytics5a81768f2a184.png

The Bitcoin (BTC) has been trading upwards. The price tested the level of $8.770. Bitcoin and cryptocurrency mining has provided a consistent and growing market for the computer hardware manufacturers that produce the relevant chips for each segment. The main player on the GPU side (in contrast to ASIC mining) in 2017 was Nvidia, but even it could not anticipate the strong demand from miners as the year progressed. Technical picture looks overbought.

Trading recommendations:

According to the 30M time - frame, I found a testing of upper diagonal (resistance) of the channel, which is a sign that buying looks risky. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.360 and at the price of $7.913.

Support/Resistance

$8.880 – Intraday resistance

$8.338– Intraday support

$8.360 – Objective target 1

$7.915 – Objective target 2

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 - www.instaforex.com