Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $10.873. The current cryptocurrency investments ecosystem is one of the purest forms of a free market in economic history. This gives rise to an incredible growth which makes some people overnight fortunes and allows startups to flourish like never before. Unfortunately, it also puts the burden on investors to vet the teams, ideas, and capabilities before getting involved with any ICO. Technical picture on Bitcoin looks bearish.
Trading recommendations:
According to the 30 time - frame, I found a broken bearish pennant formation, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $10.755, $10.275 and at the price of $9.860.
Support/Resistance
$11.102 – Intraday resistance
$10.758 – Intraday support
$10.275 – Objective target 1
$9.860 – Objective target 2
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