The Bitcoin (BTC) has been trading sideways at the price of $9.150. An increasing number of stores have started accepting bitcoin cash (BCH) and a few other cryptocurrencies. This bitcoin cash adoption roundup features five vendors that recently started accepting the digital currency including a brand new bar dedicated to 15 cryptocurrencies. Technical picture looks bearish.
Trading recommendations:
According to the H1 time frame, I found a breakout of the rising wedge on the background, which is a sign that buying looks risky. I also found a hidden bearish divergence on the RSI oscillator and successful rejection of supply trend line (downward channel), which is another sign of weakness. My advice is to watch for potential selling opportunities. Projected targets are set at the prices $8.824, $8.610 and major projection at $8.330.
Support/Resistance
$9.405 – Intraday resistance
$8.824– Intraday support
$8.824 – Objective target 1
$8.640 – Objective target 2
$8.330 – Objective target 3
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