Bitcoin analysis for June 07, 2018

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Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $7.710. Indian cryptocurrency exchanges have followed the Supreme Court's suggestion for them to present their cases to the Reserve Bank of India. They have sent letters to the central bank, offering alternatives to the RBI's banking ban. The technical picture on Bitcoin looks neutral to bullish.

Trading recommendations:

According to the H1 time - frame, I found that price broke the supply trendline in the background, which is a sign that buyers are in control. I also found a broken intraday bullish flag, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $7.755 and at the price of $8.075.

Support/Resistance

$7.710 – Intraday resistance

$7.630– Intraday support

$7.755 – Objective target 1

$8.075 – Objective target 2

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