The Bitcoin (BTC) has been trading sideways at the price of $8.125. In order "to prevent the abuse of the system for criminal and unlawful activities and ensuring the stability and integrity of the financial system," Bank Negara Malaysia Governor Tan Sri Muhammad Ibrahim stated 22 November 2017 that those trading in cryptocurrencies will be placed under the country's existing anti-money laundering laws. Technical picture looks bullish.
Trading recommendations:
According to the 30M time frame, I found a potential double bottom formation, which is sign that selling looks risky. Stochastic oscillator is in oversold zone and my advice is to watch for potential buying opportunities. The upward targets are set at the price of $8.348 (pivot suppot 1) and at the price of $8.511.
Support/Resistance
$8.137 – Pivot level
$8.348 – Pivot resistance 1
$8.511 – Pivot resistance 2
$7.976– Pivot support 1
With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.
