Bitcoin analysis for March 28, 2018

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.688 and reached our yesterday’s target. The United States’ Commodity Futures Trading Commission (CFTC) has received a $1 million USD budget cut. The announcement has come following the CFTC Chairman, Christopher Giancarlo requested an increase in the regulator’s budget of 12 percent. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the 30M time – frame, I found that price rejected of the upper diagonal of the downward channel, which is a sign that buying looks risky at this stage. I also found an overbought condition on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $7.690 and at the price of $7.442 (Fibonacci expansion 161.8%).

Support/Resistance

$7.874 – Intraday resistance

$7.649– Intraday support

$7.690 – Objective target 1

$7.442 – Objective target 2

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Source:: Bitcoin analysis for March 28, 2018