Bitcoin analysis for March 08, 2018


Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $9.802. Bitcoin reached my yesterdays' targets. This month a law firm called Polsinelli LLP published a study called "Cryptocurrency Class Action Lawsuits: A New Frontier" which explains that initial coin offerings (ICO) will spark a large number of litigation proceedings against cryptocurrency projects and businesses. The technical picture looks bearish.

Trading recommendations:

According to the 30M time - frame, I found that price is trading inside of the intraday pennant pattern, which is a sign of consolidation. I also found strong selling pressure in the background and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $9.610 and at the price of $9.340.


$10.185 – Intraday resistance

$9.610– Intraday support

$9.610 – Objective target 1

$9.340 – Objective target 2

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