The Bitcoin (BTC) has been trading downwards. The price tested the level of $6.424. The police in Japan are cracking down on the illegal use of personal computers for cryptocurrency mining. Multiple prefectural police departments are currently investigating one particular case and pursuing criminal charges, which would make it the first criminal case in Japan where computers are illegally used for mining cryptocurrencies. The technical picture on Bitcoin looks bearish.
According to the H1 time - frame, I found a bearish flag in creation, which is sign that buying looks risky. My advice is to watch for a potential breakout of the bearish flag to confirm downward continuation. The downward targets are set at the price of $6.315 and at the price of $6.136.
$6.595 – Intraday resistance
$6.442– Intraday support
$6.315 – Objective target 1
$6.136 – Objective target 2
With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.