FX.co ★ Bitcoin analysis for October 23, 2017

The Bitcoin (BTC) has been trading sideways at the price of $5.900. Russia's First Deputy Prime Minister Igor Shuvalov promised not to let initial coin offerings (ICOs) in Russia "die" because of regulations last week. Despite bills being prepared to regulate them, President Vladimir Putin has said that ICOs hold "tremendous potential" and should not be obstructed. The intraday technical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found a fake breakout of pivot level at the price of $5.872, which is a sign that selling looks risky. There is also a change in momentum from bearish to bullish on the MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $6.160 (R1) and $6.350 (S2, extreme intraday target).

Support/Resistance

$5.872 – Intraday pivot level

$6.160 – Pivot resistance 1

$6.350 – Pivot resistance 2

$5.879 – Pivot support 1

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