Bitcoin analysis for May 10, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $9.303 . Good news for American bitcoin companies, someone who wants much lighter Bitlicense regulations is in the running to be the next New York attorney general. And in China, a bitcoin mining hardware producer is planning a $1 billion IPO. Technical picture on Bitcoin looks bearish. Trading recommendations: According to the H1 time-frame, I found potential end of bullish correction (rising wedge) in the backgorund, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see a valid breakout of rising wedge. The downward target is set at the price of $8.950.

Support/Resistance

$9.352 – Intraday resistance $8.147– Intraday support $8.950 – Objective target 1

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