Bitcoin analysis for May 04, 2018

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The Bitcoin (BTC) has been trading upwards.The price tested the level of $9.763. A digital asset smart banknote manufacturer has launched bitcoin banknotes at a store in Singapore. Designed to make owning and circulating cryptocurrencies as easy as using paper money, they are currently available in denominations of 0.01 and 0.05 BTC.Technical picture on Bitcoin looks bullish.

Trading recommendations:

According to the H1 time - frame, I found that the price did a successful breakout of bullish flag in the background, which is a sign that the downward correction has finished. I also found a potential smaller bullish flag in creation, which is a sign that buyers accumulate their long positions. My advice is to watch for potential bullsh breakout of flag to confirm further upward continuation. The major upward target is set at the price of $11.600.

Support/Resistance

$9.763 – Intraday resistance

$9.472– Intraday support

$11.600– Objective target

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