FX.co ★ Bitcoin analysis for May 15, 2018

The Bitcoin (BTC) has been trading sideways at the price of $8.683. Popular crypto payment processor, Bitpay, announced a formal agreement with Florida's Seminole County Tax Collector, Joel M. Greenberg. Bitcoin core (BTC) and bitcoin cash (BCH) can now both be used for tax payments, beginning this summer. County residents can pay in cryptocurrencies for driver licenses, ID cards, and even property taxes. The tTechnical picture on Bitcoin looks neutral to bearish.

Trading recommendations:

According to the H1 time - frame, I found that Bitcoin is trading in the consolidation zone (channel). I also found rejection of the upper diagonal and a bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if you see a valid breakout of the bearish flag. The downward targets are set at the price of $8.500 and at the price of $8.356

Support/Resistance

$8.760 – Intraday resistance

$8.570– Intraday support

$8.503 – Objective target 1

$8.356 – Objective target 2

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