Bitcoin analysis for April 19, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $8.118. Most US states have adopted some regulatory stance in regards to cryptocurrencies like bitcoin and the blockchain technologies behind them, according to a report by the Brookings Institution. The study classifies jurisdictions according to their attitude towards digital currencies and the levels of engagement with the underlying technology. The tTechnical picture of Bitcoin looks bullish.

Trading recommendations:

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

Support/Resistance

$8.206 – Intraday resistance

$8.055– Intraday support

$8.875 – Objective target

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