Bitcoin analysis for February 27, 2018

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $10.751. The Supreme Court of Israel issued a temporary injunction order on Monday forbidding Bank Leumi from sweepingly halting the account activity of the Bits of Gold bitcoin exchange. This is seen as a major victory in the Israeli cryptocurrency industry that will set a precedent for other bitcoin businesses struggling to get banking services.

Trading recommendations:

According to the 30M time - frame, I found that price is having trouble to go above the strong reference points Fibonacci retracement 61.8% ($10.805) and upper diagonal of the channel, which is sign that buying looks risky. I expext at least the price back into the median line from the channel. My advice is to watch for potential selling opportunities. The first downward target is set at the price of $10.405.

Support/Resistance

$10.805 – Intraday resistance

$10.640 – Intraday support

$10.405 – Objective target

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