The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $6.085. The Thai financial regulator is expected to approve five ICO projects once the new regulatory framework takes effect this month. Out of 50 ICO projects in the country, only five satisfy the registration requirements set out by the regulator this week. Technical picture looks bearish.

Trading recommendations:

According to the H1 time - frame, I found a bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see a valid breakout of the bearish flag. The trend is downward. The downward target is set at the price of $6.095.

Support/Resistance

$6.510 – Intraday resistance

$6.392– Intraday support

$6.095– Objective target

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