Bitcoin analysis for October 26, 2017

The Bitcoin (BTC) has been trading upwards. The price tested the level of $5.866. Singapore has no plans to regulate cryptocurrencies such as bitcoin, according to the head of the Monetary Authority of Singapore. However, some laws are being formalized that could apply to some cryptocurrency activities and initial coin offerings (ICOs). Technical picture looks bullish today.

Trading recommendations:

According to the 15M time frame, I found a broken intraday trading range, which is a sign that buyers are in control. There is also a broken pivot resistance 1 at the price of $5.789. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $5.983 and $6.058

Support/Resistance

$5.792 – Pivot resistance 1

$5.909 – Pivot resistance 2

$5.575– Pivot level

$5.458 – Pivot support 1

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