Bitcoin analysis for January 22, 2018

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The Bitcoin (BTC) has been trading sideways at the price of $11.675. The South Korean government has announced that six major banks will be ready to provide services to cryptocurrency exchanges this month. Under the new system, the government requires exchanges to share user data with banks. The technical picture is neutral to bearish.

Trading recommendations:

According to the 30M time – frame, I found bearish pennant in the creation and my advice is to watch for potential selling opportunities if you see a valid breakout of support. The downward targets are set at the price of $10.480 and at the price of $9.249.00.

Support/Resistance

$11.841 – Intraday resistance

$11.325– Intraday support

$10.479 – Objective target 1

$9.249 – Objective target 2

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 January 22, 2018

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