FX.co ★ Bitcoin analysis for December 18, 2017

Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $19,468. French Finance Minister Bruno Le Maire announced on Sunday December 17th that the next Group of 20 (G20) meeting would include discussion about how to regulate the world's most popular cryptocurrency, bitcoin. The digital asset hasn't ceased in making news all year, and European politicians appear more concerned in direct proportion to its price increase, as shown by the EU legislative body urging strict compliance laws upon coin exchanges this week. The G20 establishing regulatory frameworks, however, would spread across the world and have enormous impact. Technical picture looks bearish.

Trading recommendations:

According to the 30M time frame, I found strong rejection from Fibonacci expansion 100% at the price of $19,420, which is a sign that buying looks risky. My advice is to watch for a potential breakout of a rising wedge forrmation to confirm a further lower price. The downward target is set at the price of $17,980.

Support/Resistance

$17.890 – Intraday support (price action)

$17.271 – Second support level

$19.468– Key rersistance

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