Bitcoin (BTC) has been trading sideways at the price of $11.700. Chicago Board Option Exchange (Cboe) historic bitcoin futures market has had its first month, and results are decidedly mixed depending on the analyst. Some see the experiment as a dud, while others champion the mainstreaming of the cryptocurrency. So far, bears are trouncing bulls. The technical picture looks bearish.
According to the 4H time – frame, I found that Bitcoin started to rally but the rally may be limited since the strong resistance is awaiting at the price of $12.615. The trend is still bearish and my advice is to watch for potential successful testing of resistance and then watch for selling opportunities. The downward target is set at the price of $8.185.
$11.821 – Intraday resistance
$10.470 – Intraday support
$8.185 – Objective target
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