Bitcoin (BTC) has been trading sideways at the price of $13.772. President Vladimir Putin has reportedly commissioned Russian officials to work on developing a national cryptocurrency dubbed the "cryptorouble". According to the Financial Times, Sergei Glazev, an economic adviser to the president, told a government meeting that the cryptocurrency would serve as a "useful tool" to evade western economic sanctions. The technical picture looks bearish.
Trading recommendations: According to the 1H time - frame, I found a broken pennant formation in the background, which is a sign that buying looks risky. I also found a series of lower lows and lower high, which is a sign that on the short–term prospect sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $12.035 and at the price of $11.206.
Support/Resistance
$14.149 – Intraday resistance (price action)
$12.870– Intraday support
$12.035 – First objective target
$11.206 – Second objective target
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