Bitcoin analysis for September 29, 2017

The Bitcoin (BTC) has been trading sideways at the price of $4.178. The news about Korea are still big threat for buyers. South Korea’s Financial Services Commission has announced that all initial coin offerings (ICOs) will be banned in the country. Korea’s move follows China’s which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday’s announcement detailed. Tehnical picture looks bearish.

Trading recommendations:

According to the 15M time frame, I found broken upward channel in the background, which is sign that sellers are in control. There is also a strong resistance cluster on the test at the price of $4.200, which is another sign of potential weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of $4.117 and $3.880.

Support/Resistance

$4.200 – Intraday resistance cluster (price action)

$4.017 – First target (price action)

$3.880 – Pattern objective target (price action)

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