Bitcoin analysis for April 12, 2018

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.995. The largest bank in the United States, JP Morgan Chase, has found itself the subject of a federal class action lawsuit this week. The complaint alleges that after hindering customers from buying cryptocurrencies, the bank has charged enthusiasts extra fees and higher interest rates. The technical picture looks bullish.

Trading recommendations:

According to the Daily time - frame, I found that the price did a successful breakout of falling wedge pattern and 10-day balance, which is a sign that buyers are in control. I also found a oversold condition on RSI oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. Projected target is set at the price of $8.800.

Support/Resistance

$7.995 – Intraday resistance

$7.486– Intraday support

$8.800– Objective target

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