Bitcoin (BTC) has been trading upwards. The price tested the level of $16,445 . A massive influx of new clients begging you to take their money is the best kind of problem any business could dream of having. Nevertheless, bitcoin exchanges are now having to cope with such a situation by finding ways to reduce the load. As a result new traders are left with fewer options as, one by one, venues have been closing their doors to clients. Technical picture looks neutral to bearish.
Trading recommendations:
According to the 1H time - frame, I found that strong resistance at the price of $16,000 is on the test. I also found an overbought condition on the stochastic oscillator, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $14,030 and at the price of $12,870.
Support/Resistance
$16,445 – Intraday resistance (price action)
$16,030 – Fibonacci 61.8 % resistance (price action)
$14,030 – First objective target
$12,870 – Second Objective target
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