Bitcoin analysis for April 18, 2018

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Bitcoin (BTC) has been trading sideways at the price of $8.875. On Monday April 16, the Philippines opposition senator Leila M. de Lima asked her fellow bureaucrats to push the passage of the cryptocurrency bills she helped frame. The proposed bills aim to introduce a harsher penalty towards criminals who use cryptocurrencies during illegal activities. The technical picture looks bullish.

Trading recommendations:

According to the H4 time – frame, I found a broken falling wedge and flat base in the background, which is a sign that buyers are in control. I also found a failed head and shoulders pattern, which is another sigh of strength. My advice is to watch for potential buying opportunties. The upward target is set at the price of $8.875.

Support/Resistance

$8.100 – Intraday resistance

$7.730– Intraday support

$8.875– Objective target

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