FX.co ★ Bitcoin analysis for March 06, 2018

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $11.112 and reached yesterday's target. A new initial coin offering (ICO) called Miroskii hopes to build a 'decentralized bank' by utilizing blockchain technology. Looking at the white paper and the website, it appears to have solid ideas and even a nice-looking team behind the project. However, looking a bit closer at the team shows the ICO's 'graphic designer' just happens to be a stock image of the Hollywood actor Ryan Gosling. In fact, after inspecting further, the entire team seems to be phoney and randomly chosen business types who have nothing to do with this technology. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the 30M time - frame, I found that price broke a strong upward channel, which is a sign that sellers are in control. I also found a hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $10.755.

Support/Resistance

$11.278 – Intraday resistance

$11.112– Intraday support

$10.755 – Objective target

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