FX.co ★ Bitcoin analysis for March 05, 2018

The Bitcoin (BTC) has been trading upwards. As I expected, the price tested the level of $11.560. Canada seems to have become the hottest destination for bitcoin miners from all over the world thanks to a combination of cheap renewable hydroelectric energy and hospitable cold weather. One miner, Bitfarms, is set to raise a small fortune to solidify its position in the region and better face the heated competition. Bitcoin looks overbought.

Trading recommendations:

According to the 30M time - frame, I found that the price rejected from the resistance at the price of 11.500 (median trendline), which is a sign that buying looks risky at this stage. I also found a hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $11.161 and at the price of $11.035.

Support/Resistance

$11.500 – Intraday resistance

$11.330– Intraday support

$11.160 – Objective target 1

$11.032 – Objective target 2

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