Bitcoin analysis for March 30, 2018

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Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.387 and reached my yesterday's target. On March 28, the popular online electronics merchant Newegg announced it's now allowing residents from Canada to pay for goods using cryptocurrencies. Through its partnership with the payment processing firm Bitpay, the company feels its the right time to offer Canadian customers the ability to pay for items with the digital currencies BCH and BTC. The technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found that price broke the Fibonacci expansion 161.8% at the level of $7.454, which is a sign that sellers are still in control. I also found that there is a strong support near the $7.246 and my advice is to watch for selling opportunities with the downward target at $7.246.

Support/Resistance

$7.593 – Intraday resistance

$7.387– Intraday support

$7.246 – Objective target

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