Bitcoin analysis for December 15, 2017

Posted On 15 Dec 2017

Bitcoin (BTC) has been trading upwards. The price tested the level of $18,408. South Korea’s government released emergency measures for cryptocurrency regulation on Thursday. Bitcoin exchanges will now be regulated. Among other measures, there will be a ban on banks, minors, and foreigners trading cryptocurrency as well as a clampdown on virtual bank accounts needed to trade cryptocurrencies in Korea. Technical picture looks bullish.

Trading recommendations:

According to the 1H time – frame, I found broken sideways base, which is a sign that selling look risky. I have placed Fibonacci expansion to find potential upward targets. I got Fibonacci expansion 61.8% at the price of $17,958 (on the test), Fibonacci expansion 100% at the price of $19,415 and Fibonacci expansion 161.8% at the price of $21,733. Watch for buying opportunities.

Support/Resistance

$17,532 – Resistance became support

$17,958– FE 61.8%

$19,412 – FE 100 %

$21,733 – FE 161.8%

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

Source:: Bitcoin analysis for December 15, 2017

About the Author

InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support