FX.co ★ Bitcoin analysis for April 10, 2018

The Bitcoin (BTC) has been trading downwards. The need for cryptocurrency self-regulation in South Korea is rising as banks still refuse to issue new virtual accounts for most cryptoexchanges. The Korean Blockchain Association is preparing self-regulatory standards. Thirty-three exchanges were asked to undergo a review; twenty-three agreed but ten refused, according to the local media. Technical picture looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that the price is trading in the tight trading range between the price of 6.718 (resistance) and the price of $6.579 (support). Since the price is trading near the resistance, my advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.579, $6.432, and at the price of $6.350.

Support/Resistance

$6.718 – Intraday resistance

$6.579– Intraday support

$6.579 – Objective target 1

$6.350 – Objective target 2

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