The Bitcoin (BTC) has been trading sideways at the price of $7.145. Britain's Revolut filed a formal application for banking licensing this week. Established British banks are bracing for rule changes domestically and internationally, as more digital-only banks are ever-closer to legal parity with legacy institutions. Technical picture looks bearish.
Trading recommendations:
According to the 1H time frame, I found fake breakout of resistance at the price of $7.467, which is sign that buying looks risky. I also found a strong bearish engulfing candle formation, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.901 and at the price of $6.556.
Support/Resistance
$7.878 – Major resistance high
$6.907 – Pivot support 1
$6.556 – Pivot support 2
With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.
