FX.co ★ Bitcoin analysis for June 11, 2018

The Bitcoin (BTC) has been trading downwards. The price tested the level of $6.593. Following reports of six publicly listed companies launching their own cryptocurrency exchanges in Japan, three other firms listed on the Tokyo Stock Exchange have announced plans to enter the space with various crypto offerings. The technical picture on Bitcoin is bearish.

Trading recommendations:

According to the H1 time - frame, I found strong supply on the market, which is sign that buying looks very risky. I also found potential bearish flag in creation, which is sign that Bitocin went into consolidation. My advice is to watch for potential breakout of the consolidation to confirm further downward continuation. The downward target is set at the price of $6.372.

Support/Resistance

$6.800 – Intraday resistance

$6.594– Intraday support

$6.370 – Objective target

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