FX.co ★ Bitcoin analysis for November 08, 2017

The Bitcoin (BTC) has been trading upwards. The price tested the level of $7,517. Sweden's financial regulator has issued a statement outlining a number of risks pertaining to ICOs. The document describes "ICO" as a "term used as the designation for launching a new token or other form of digital access based on... crypto". Technical picture looks neutral to bearish.

Trading recommendations:

According to the 1H time frame, I found the resistance cluster at the price of $7,467 is on the test. In my opinion, the Bitcoin looks extend today and my advice is to watch for potential selling opportunties. I found the Shooting Star formation near the strong resistance, which is a sign of weakness. Downward targets are set at $7,229 and $7,070.

Support/Resistance

$7.517 – Intraday resistance

$7.229 – First downward target

$7.070 – Second downward target

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