FX.co ★ Bitcoin analysis for October 27, 2017

The Bitcoin (BTC) has been trading sideways at the price of $5.766. The central bank of Kazakhstan has submitted proposals to its government to restrict some cryptocurrency-related activities. However, the bank's chairman admitted that he does not fully understand what cryptocurrency is. Experts also weighed in on the feasibility of banning crypto mining in the country. Technical picture looks bearish today.

Trading recommendations:

According to the 30M time frame, I found that price broke pivot level ($5.812), which is a sign that sellers are in control today. I also found a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $5.645 (S1) and $5.465 (S2).

Support/Resistance

$5.812 – Pivot level

$5.645 – Pivot support 1

$5.464 – Pivot support 2

$5.994 – Pivot resistance 1

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.