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.
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.
$17,532 – Resistance became support
$17,958– FE 61.8%
$19,412 – FE 100 %
$21,733 – FE 161.8%
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