FX.co ★ Bitcoin analysis for January 17, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $9.622. A national petition against extreme cryptocurrency regulations in South Korea has exceeded 200,000 signatures, the requirement for the government to respond. The petition entitled "Has the government ever dreamed a happy dream for the people?" was filed on December 28. Meanwhile, another related petition calls for the removal of the governor of the country's Financial Supervisory Service.The technical picture looks bearish.

Trading recommendations:

According to the 4H time - frame, I found a breakout of key short-term support at the price of $10.635, which is sign that sellers are in control. In the background, there is the major bearish pennant formation and the downward projected target is set at the price of $8.185. Watch for selling opportunities.

Support/Resistance

$11.169 – Intraday resistance

$9.622– Intraday support

$8.185 – Objective target

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