The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.671. Vilnius-based Coingate, cryptocurrency payment gateway for European merchants, is teaming with Paris-based Prestashop, an open source ecommerce solution. The combination means more choices for cryptocurrency enthusiasts and might encourage an increase in adoption. Technical picture looks bearish.
Trading recommendations:
According to the 30M time - frame, I found that the price is trading in well-defined downward channel, which is a sign that sellers are in control. I also found a overbought condittion on the stochastic oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $7.682 and at the price of $7.450.
Support/Resistance
$8.000 – Intraday resistance
$7.682– Intraday support
$7.682 – Objective target 1
$7.450 – Objective target 2
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