FX.co ★ Bitcoin analysis for April 11, 2018

The Bitcoin (BTC) has been trading sideways at the price of $6.790. Blockbid is now registered with the Australian Transaction Reports and Analysis Centre (Austrac). This makes it only the third company granted permission to legally operate as a cryptocurrency exchange in Australia since the new regulations came about last week. Intraday technical picture looks bullish.

Trading recommendations:

According to the 30M time - frame, I found confrimed reversal head and shoulders pattern in the background, which is is a sign that selling looks risky. I also found a successful re-test of the neckline, which is another sign of strength. My advce is to watch for potential buying opportunities. The upward target is set at the price of $6.910.

Support/Resistance

$6.821 – Intraday resistance

$6.705– Intraday support

$6.910 – Objective target

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