The Bitcoin (BTC) has been trading sideways at the price of $6.532. Craig Wright, the man who famously claimed to be Satoshi Nakamoto, is back in the news again. This time he's weighed into the bitcoin scaling debate, which is becoming increasingly politicized. In a post entitled "Scaling Bitcoin and what some will do to stop this", he refutes sceptics who believe that bitcoin can't scale to handle 20,000 transactions a second. Technical picture looks bearish.
According to the 30M time frame, I found broken upward trendline in the background and potential intraday double top formation, which is sign that buying looks risky. My advice is to watch for potential selling opportunties. The downward targets are set at the price of $6.295 (pivot level) and at the price of $5.530 (pivot support 1).
$6.295 – Pivot level
$6.953 – Pivot resistance
$5.830 – Pivot support
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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