Bitcoin analysis for September 28, 2017

The Bitcoin (BTC) has been trading upwards. The price tested the level of $4.262. South Korea’s Ministry of Science and ICT and Korea Communications Commission reportedly announced that they will conduct on-site inspections of cryptocurrency service providers including bitcoin exchanges. They will focus on the cybersecurity of these providers and their compliance with privacy laws. The Korea Communications Commission (KCC) plans to conduct on-the-spot checks on the implementation of technical and administrative safeguards for personal information pursuant to the Act on the Promotion of Information and Communication Network Utilization and Information Protection, and to strictly rectify any violations. Technical picture for today looks bearish.

Trading recommendations:

According to the 15M time frame, I found broken upward channel in the background, which is sign that buying looks risky. There is also a fake breakout of yesterday’s high at the price of $4.178 and hidden bearish divergence on the moving average osicaltor, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $3.880.

Support/Resistance

$4.262 – Intraday resistance (price action)

$4.178 – Fibonacci resistance (price action)

$4.140 – Intraday support (price action)

$3.880 –Objective downward target

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