The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.982 and reached first objective target. The current president and chief executive officer of the San Francisco Federal Reserve Bank, and the man expected to soon be the New York Federal Reserve Bank, John Williams, has rejected the suggestion that cryptocurrencies comprise currency. The technical picture looks bullish.

Trading recommendations:

According to the H4 time – frame, I found that price reached first objective target (resistance) at the level of $8.970. Anyway, watch for potential breakout of resistance to confirm further upward continuation. The upward targets are set at the price of $9.805 and final target at the price of $11.600.

Support/Resistance

$8.970 – Intraday resistance

$8.724– Intraday support

$9.805– Objective target 1

$11.600 – Objective target 2

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