Bitcoin analysis for May 08, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $9.336. A Norwegian district court has ruled in favor of Norway's largest bank against a local cryptocurrency exchange. The court says the bank has full rights to close the account of the exchange, citing money laundering risks and criminal activities associated with bitcoin trading. The technical picture looks neutral to bearish.

Trading recommendations:

According to the H1 time - frame, I found a potential bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for a potential breakout of a bearish flag to confirm a further downward continuation. Downward targets are set at the price of $9.138 and at the price of $8.782.

Support/Resistance

$9.413 – Intraday resistance

$9.138– Intraday support

$9.138 – Objective target 1

$8.782 – Objective target 2

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