FX.co ★ Bitcoin analysis for October 20, 2017

The Bitcoin (BTC) has been trading sideways at the price of $5.635. President Donald Trump's Attorney General, Jeff Sessions, testified before the Senate Committee on the Judiciary. The committee is given rather broad powers concerning federal criminal law and internet privacy. During a quick exchange, hours into the hearing, Mr. Sessions was asked about the "dark web." His answers might foreshadow what's ahead for digital privacy and bitcoin users. The intraday picture looks bullish.

Trading recommendations:

According to the 15M time - frame, I found a fake breakout of the pivot point at the price of $5.630, which is a sign that selling looks risky. There is also a tweezer bottom in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $5.780 (R1) and $5.880 (R2).

Support/Resistance

$5.630 – Pivot level

$5.780 – Pivot resistance 1

$5.880 – Pivot resistance 2

$5.534 – Pivot support 1

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