Bitcoin analysis for March 09, 2018

analytics5aa27e43ab443.png

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.312 and met my yesterday's targets. Over the course of the past few weeks, cryptocurrency prices have been dropping in value. However, online interest is another trend plunging as well within the digital currency realm as Google Trends searches for the word "bitcoin" have descended to levels not seen since October of 2017. The current trend on Bitcoin is bearish.

Trading recommendations:

According to the 30M time frame, I found a breakout of the bearish pennant pattern, which is a sign that sellers are in control. I also found strong resistance at the price of $9.000. My advice is to watch for potential selling opportunities. The downward targets are set at the prices of $7.785 and $7.126.

Support/Resistance

$9.000 – Intraday resistance

$9.300– Intraday support

$7.785 – Objective target 1

$7.126 – Objective target 2

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader 4.

The material has been provided by InstaForex Company - www.instaforex.com