Bitcoin (BTC) has been trading upwards. The price tested the level of $9.060. A U.S. District Court has ruled against Chinese conglomerate Alibaba Group in favor of a Dubai-based cryptocurrency foundation, Alibabacoin. The judge says Alibaba Group did not show any jurisdiction in the U.S. and China's ban on initial coin offerings eliminates any potential confusion. The technical picture on Bitcoin looks bearish.
Trading recommendations:
According to the H1 time - frame, I found that price is trading inside of the potential bearish flag, which is a sign that Bitocin is in a bullish corrective wave. The larger view is that Bitocin is trading inside of the downward channel and the upper trendline is close to the current price. My advice is to watch for a potential breakout of the bearish flag to confirm a further downward movement. The downwrad targets are set at the price of $8.785 and at the price of $8.418.
Support/Resistance
$9.127 – Intraday resistance
$9.055– Intraday support
$8.785 – Objective target 1
$8.418 – Objective target 2
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