FX.co ★ Bitcoin analysis for March 23, 2018

Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.268. During March 16th through till March 20th of this year, The Student Loan Report teamed with Pollfish conducted a survey of 1,000 current university students with related loan debt, asking one question: Have you ever used student loan money to invest in cryptocurrencies like Bitcoin? The results surprised even the pollster. The technical picture looks bearish.

Trading recommendations:

According to the Daily time - frame, I found a doji evening start candle formation, which is a sign that sellers are in control. I also found overbought conditions on the stochastic 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 $7.564.

Support/Resistance

$8.691 – Intraday resistance

$8.268– Intraday support

$7.564 – Objective target

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