Bitcoin analysis for June 08, 2018

The Bitcoin (BTC) has been trading sideways at the price of $7.593. A study has found that despite their volatility, cryptocurrencies do not endanger the financial system and the economy of Russia, as the risks are offset by the highly concentrated ownership of digital assets. Crypto fluctuations are not believed to affect consumption either. Russian residents have controlled cryptocurrency worth between $7.5 and $14 billion in the first quarter of this year, according to estimates published in the report. The technical picture on Bitcoin looks neutral to bullish.

Trading recommendations:

According to the H1 time - frame, I found that price is trading inside of the potential bullish flag, which is a sign that selling looks risky. My advice is to watch for potential buying opportunities if you see a valid breakout of bullish flag. The upward targets are set at the price of $7.750 and at the price of $8.081.

Support/Resistance

$7.713 – Intraday resistance

$7.565– Intraday support

$7.750 – Objective target 1

$8.081 – Objective target 2

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