Bitcoin analysis for June 12, 2018

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Bitcoin (BTC) has been trading sideways at the price of $6,796. The Canadian bitcoin investors and cryptocurrency traders are going to be subjected to an increased level of market surveillance soon if the government has its way. Once the proposed regulations are implemented, every transaction above CAD 10,000 will have to be reported. Technical picture on bitcoin looks neutral to bearish.

Trading recommendations:

According to the H1 time frame, I found a potential bullish flag in creation, which is a sign that selling looks risky. Bitcoin is in a bullish corrective phase. My advice is to watch for potential buying opportunities. The upward targets are set at the prices of $6.908 and $7.014.00.

Support/Resistance

$6.880– Intraday resistance

$6.760– Intraday support

$6.910 – Objective target 1

$7.015 – Objective target 2

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