Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.178. The Clarifying Lawful Overseas Use of Data (CLOUD) Act just passed – almost in secret – tucked deep inside a voluminous spending package of well over a trillion dollars. No debate. No up or down vote on the merits of CLOUD. Instead, lawmakers would have had to reject the entire bill, thousands of pages, and risk government shutdown, in order to mount any kind of opposition. CLOUD is a broadening of international law enforcement power when it comes to online activity, and the crypto community is worried. The technical picture looks bearish.
Trading recommendations:
According to the Daily time - frame, I found a doji evening star candle formation in the background, which is a sign that buying looks risky. I also found that stochastic is in the bearish mode, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $7.592.
Support/Resistance
$8.578 – Intraday resistance
$8.190– Intraday support
$7.590 – Objective target
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