Bitcoin analysis for May 14, 2018

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.173. The decree to regulate cryptocurrencies and initial coin offerings in Thailand go into effect on Monday. The government has also revised the country's tax code to add crypto taxation. Sellers of digital tokens will face a fine or even jail time if they fail to register with the regulator within 90 days. Technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that price broke bearish flag in the background, which is a sign that sellers are in control. I also found that MACD oscillator started to turn bearish, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.172 and at the price of $7.986.

Support/Resistance

$8.728 – Intraday resistance

$8.246– Intraday support

$8.172 – Objective target 1

$7.986 – Objective target 2

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