Bitcoin analysis for April 26, 2018

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.617 and reached the yesterday's first target. Typically, when people think of bitcoin mining operations, they look to countries like Iceland and mainland China. However, most people do not know that the small country of Georgia, a region of Eurasia, is ranked the second most profitable area in the world for cryptocurrency mining, just below China. Technical picture looks bearish.

Trading recommendations:

According to the H4 time - frame, I found that the price broke upward channel in the background, which is a sign that sellers are in control. I also found a bearis cross on the ADX indicator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $7.742.

Support/Resistance

$8.940 – Intraday resistance

$8.617– Intraday support

$7.742 – Objective target

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