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Bitcoin analysis for June 01, 2018

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The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.583. he government of India has formally rejected Venezuela's state-backed cryptocurrency, the petro, despite an attempt to entice India with a 30% discount. Dependent on the Latin American country's oil, a steady, uninterrupted supply is key to growing one of the world's most populous nations. Venezuela is in the midst of dramatically bad economic fortune compounded by US sanctions, forcing its government to devise ever-more creative ways to stay afloat. The technical picture on Bitcoin looks bullish.

Trading recommendations:

According to the H1 time - frame, I found a broken downward channel in the background, which is a sign that buyers are in control. I also found a potential end of a intraday bearish corrective phase, which is anotehr sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $7.771 and at the price of $8.103.

Support/Resistance

$7.583 – Intraday resistance

$7.380– Intraday support

$7.771 – Objective target 1

$8.103 – Objective target 2

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company - www.instaforex.com