Bitcoin analysis for February 14, 2018

Bitcoin (BTC) has been trading sideways at the price of $8.765. The Thai central bank has prohibited financial institutions in the country from five key cryptocurrency activities, including banning customers from buying cryptocurrencies with credit cards. Technical picture on the Bitcoin looks neutral to bearrish.

Trading recommendations:

According to the 30M time – frame, I found a breakout of the upward trendline in the background, which is a sign that buying looks risky. I also found double bearrish candles (“hanging man”), which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.444 and at the price of $8.423.

Support/Resistance

$8.879 – Intraday resistance

$8.434– Intraday support

$8.444 – Objective target 1

$8.423 – Objective target 2

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Source:: Bitcoin analysis for February 14, 2018