Bitcoin analysis for February 15, 2018

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Bitcoin (BTC) has been trading upwards. The price tested the level of $9.909. Seven major crypto companies operating in the UK have announced the formation an independent cryptocurrency trade body. The group, CryptoUK, has stated that its principal aim is to "improve industry standards and engage policymakers." The technical picture looks overbought.

Trading recommendations:

According to the 4H time - frame, I found that Bitcoin is testing major resistance at the price of $9.860. I also found Fibonacci retracement 61.8% around the level of $9.860, which is another sign that buying at this stage looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $9.021 and at the price of $8.280.

Support/Resistance

$9.860 – Intraday resistance

$9.440 – Intraday support

$9.021 – Objective target 1

$8.280 – Objective target 2

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