empty
 
 
07.12.2017 02:47 PM
Bitcoin analysis for December 07, 2017

This image is no longer relevant

Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $14,657. A recently-announced Russian presidential candidate, Boris Titov, is a bitcoin advocate. He promises to legalize bitcoin and other cryptocurrencies if elected. Titov is a friend with President Vladimir Putin and heads up his efforts to fight corruption. He has also repeatedly advocated for the legalization of bitcoin in Russia, suggesting the country should follow Japan's lead.

Trading recommendations:

According to the 1H time frame, I found a broken upward trendline, which is a sign that buying looks risky. I also found a bearish engulfing candle pattern, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $13,145 and at the price of $12,203.

Support/Resistance

$14.666– Intraday resistance (price action)

$13.145 – First objective target

$12.203 – Second objective target

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback