Bitcoin analysis for January 24, 2018

analytics5a6873a70ca55.png

Bitcoin (BTC) has been trading sideways at the price of $10.992. The South Korean government has officially released two sets of previously promised guidelines that specify cryptocurrency regulatory measures. In addition to details of the new real-name system to end anonymous trading of cryptocurrencies, the government also published its anti-money laundering guidelines for banks providing services to cryptocurrency exchanges. The technical picture is neutral to bearish.

Trading recommendations:

According to the 30M time – frame, I found a potential intraday head and shoulders formation in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see the breakout of the neckline. The downward projection for this pattern is set at the price of $9.200.

Support/Resistance

$11.131 – Intraday resistance

$10.716 – Intraday support

$9.200 – Pattern Objective target

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 24, 2018

Won't your trader friends like this?
InstaForex
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

Leave a Reply

*