Bitcoin (BTC) has been trading sideways at the price of $9.700. Japan's two cryptocurrency associations have reportedly decided to merge in order to restore trust in the industry and accelerate self-imposed rules. Once approved by the Japanese financial regulator, the new organization will have the power to set penalties for breaches of self-regulation. The technical picture is from neutral to bearish.
Trading recommendations:
According to the 4H time - frame, I found rejection of resistance at the price of $10.000, which is a sign that buying Bitcoin at this stage looks risky. I also found the upward trendline in the background and my advice is to watch for potential brerakout of the trendline to confirm a further downward movement. Downward targets will be set at the price of $9.000 and at the price of $8.280.
Support/Resistance
$10.233 – Intraday resistance
$9.440 – Intraday support
$9.000 – Objective target 1
$8.280 – Objective target 2
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