FX.co ★ Bitcoin analysis for May 17, 2018

The Bitcoin (BTC) has been trading sideways at the price of $8.235. As I expected, the price tested the level of $10.353. In less than five hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There's just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex' slowness to act. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that price did successful breakout of larger bearish flag, which is sign that sellers are in control. I also found a smaller bearish flag in creation, which is sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $8.067 and at the price of $7.668.

Support/Resistance

$8.462 – Intraday resistance

$8.067– Intraday support

$8.067 – Objective target 1

$7.688 – Objective target 2

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