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Exchange Rates 13.09.2017 analysis

Show full picture

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $3,894 driven on the news that BitKan, an over-the-counter (OTC) trading service for cryptocurrencies in China, announced today that it will suspend operations amid growing scrutiny from domestic regulators. The statement noted that the suspension is a result of an announcement published by People's Bank of China on September 4 in which seven local financial regulators announced a ban on illegal initial coin offering (ICO), fundraising, and trading activities. The technical picture is in favor for sellers since there are confirmed patterns in the background.

Trading recommendations:

According to the 1H time frame, I found two broken rising wedges in the background and most recently broken symmetrical triangle which is a sign of weakness. The price did break the level of $4,000 (round mark) and the next downward target is set at the price of $3,605 (projected pattern target). Watch for selling opportunities.

Support/Resistance

$4.000 – Support became resistance (price action)

$3.605 – Projected pattern target (support)

$3.887 – Intraday support (price action)

InstaForex analytical reviews will make you fully aware of market trends!
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Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2017

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

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