The Bitcoin (BTC) has been trading upwards. The price spiked highher and tested the level of $9,709. A roller-coaster which has long been synonymous with the cryptocurrency markets, is facing a clampdown. Bittrex has emphasized its determination to combat the practice, which persists on several exchanges. In an update to its terms of service, Bittrex reiterated that it takes a dim view of pump and dump schemes, and will suspend accounts found to have been participating in such activity. The technical picture looks bullish but overbought.
Trading recommendations:
According to the 30M time frame, I found an intraday trading range between the price of $9,709 (resistance) and at the price of $9,256. The short-term trend is bearish but due to upward extension, watch for potential selling opportunities today. The downward target is set at the price of $9,256.
Support/Resistance
$9,709 – Intraday resistance (price action)
$9,256 – Intraday support
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