The Bitcoin (BTC) has been trading sideways at the price of $8.062. Cryptocurrencies are often criticized for failing to replicate some of the basic functions of fiat money. Governments are always ready to warn you that you can't spend, or save, or trade, or make digital coins. This state of mind, however, is slowly but surely changing, as more benefits become apparent. Paying, saving, investing – bitcoin can serve all these purposes, and sometimes that happens with approval from authorities. Technical picture looks bullish.
Trading recommendations:
According to the H4 time - frame, I found breakout of a falling wedge and flat base in the background, which is a sign that buyers are in control. I also found a hidden bullish divergence on the RSI oscillator in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $8.875.
Support/Resistance
$8.360 – Intraday resistance
$7.835– Intraday support
$8.875 – Objective target
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The material has been provided by InstaForex Company - www.instaforex.com
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