Bitcoin analysis for April 13, 2018

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $8,096. Trying to take its share of the profits, the government of Latvia may accept cryptocurrencies as a legal means of exchange. This year's tax filing campaign is underway and officials don't have much time. Two parliamentary commissions and the Ministry of Finance have expressed their views on the matter this week. Latvians may very soon owe the state tax on their gains from crypto transactions. Technical picture looks bullish.

Trading recommendations:

According to the Daily time frame, I found that price is holding well above the horizontal resistance and supply trendline in the background, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward target is set at the price of $8,800

Support/Resistance

$7,684 – INtraday support

$8,095– Intraday resistance

$8,800 – Objective target

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