Bitcoin analysis for June 13, 2018

The Bitcoin (BTC) has been trading downwards. The price tested the level of $6.424. The police in Japan are cracking down on the illegal use of personal computers for cryptocurrency mining. Multiple prefectural police departments are currently investigating one particular case and pursuing criminal charges, which would make it the first criminal case in Japan where computers are illegally used for mining cryptocurrencies. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time — frame, I found a bearish flag in creation, which is sign that buying looks risky. My advice is to watch for a potential breakout of the bearish flag to confirm downward continuation. The downward targets are set at the price of $6.315 and at the price of $6.136.

Support/Resistance

$6.595 – Intraday resistance

$6.442– Intraday support

$6.315 – Objective target 1

$6.136 – Objective target 2

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