Bitcoin analysis for February 26, 2018

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $9.324. Czechs are more inclined to store the value in cryptos than in euros, according to a new poll gauging attitudes toward currencies other than the koruna. When asked about their intentions to acquire foreign cash, twice as many respondents said they were interested in buying bitcoin than purchasing US dollars. Technical picture of Bitcoin looks bearish.

Trading recommendations:

According to the 30M time - frame, I found bearish that price is trading in a well defined downward channel, which is a sign that sellers are in control. I also found broken support at the price of $9.551, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.972 and at the price of $8.200.

Support/Resistance

$9.551 – Intraday resistance

$9.393 – Intraday support

$8.970 – Objective target 1

$8.200 – Objective target 2

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