Bitcoin analysis for February 22, 2018

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The Bitcoin (BTC) has been trading downwards.As I expected, the price tested the level of $10.039. Criticism aimed at authorities and the new legislation on "digital financial assets" is mounting in Russia. Local officials have rebuked lawmakers in the capital over slow progress, warning that the country will have to catch up with others. Experts from the crypto sector have expressed concerns about many unresolved issues in the proposed legal framework. Russian deputies are preparing to introduce two drafts on cryptocurrencies and crowdfunding, while more than 50 other digital economy bills are pending in parliament. Technical picture looks bearish.

Trading recommendations:

According to the 30M time - frame, I found strong selling pressure on the market, which is sign that buying looks risky. Also, Fibonacci retracement 61.8% at the price of $10.410 is broken, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $9.667 and at the price of $9.440.

Support/Resistance

$10.877 – Intraday resistance

$9.667– Intraday support

$9.667 – Objective target 1

$9.440 – Objective target 2

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