empty
 
 
10.01.2018 02:11 PM
Bitcoin analysis for January 10, 2018

This image is no longer relevant

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $13.276. The Venezuelan parliament has declared the oil-backed cryptocurrency created by President Nicolas Maduro illegal and in violation of the country's Constitution. Maduro's decree to create the national cryptocurrency, the petro, has been declared null and void. Technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found a broken bearish pennant, which is a sign that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator in the background, which is another sign of weakness. The downward targets are set at the price of $12.728, $10.671 and at the price of $8.225.

Support/Resistance

$14.321 – Intraday resistance (price action)

$13.276– Intraday support

$12.728 – Objective target 1

$10.671 – Objective target 2

$8.225 – Objective target 3

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