Bitcoin (BTC) has been trading upwarrds. As I expected, the price tested the level of $15.320. The latest story (again) on mainstream media meant to scare away uninformed people from using bitcoin is about the possibility of China taking over the cryptocurrency. This particular FUD (fear, uncertainty and doubt) meme was also publicized widely in 2015 and 2016. Technical picture looks neutral.
Trading recommendations:
According to the 1HM time - frame, I found rejection from the level $11.600 but the price is right now on the Fibonacci retracement 50% ($15.060), which is sign that buying looks risky. I also found a support cluster, which is now acting like resistance. My advice is to watch for potential selling opportunities. The successful rejection from Fibonacci level may confirm further downward continuation.
Support/Resistance
$15.320 – Intraday resistance (price action)
$15.061 – Fibonacci 50 % resistance
$16.030 – Fibonacci 61.8 % resistance
$13.750 – Objective target
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