Bitcoin analysis for February 20, 2018


The Bitcoin (BTC) has been trading upwards. The price tested the level of $11,623.00. A proposal was presented at the Russian Expert Council for Non-Bank Credit Organizations to allow rural businesses in the country to receive crypto loans to attract funds from abroad. The chairman of the council, a State Duma member, is asking rural credit cooperatives to study and educate rural residents on cryptocurrency.The technical picture is neutral to bearish.

Trading recommendations:

According to the 30M time - frame, I found a breakout of the upward channel, which is a sign that buying looks risky. I also found a hidden bearish divergence on the moving average 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 $10.858 and at the price of $10.410.


$11.623 – Intraday resistance

$11.113 – Intraday support

$10.860 – Objective target 1

$10.410 – Objective target 2

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