Bitcoin (BTC) In Trouble - South Korea Rattles The Crypto Market - Forex News by FX Leaders

Bitcoin (BTC) In Trouble – South Korea Rattles The Crypto Market

Posted Thursday, January 11, 2018 by
Arslan Butt • 1 min read

Earlier this morning, The former president of South Korea expressed great concern in the bill that the justice ministry is making to esentially ban cryptocurrency trading. The news hit the crypto coins by storm, and here’s what we can expect now as a result.

BTC/USD – Horizontal Support Breakout

On the 4 hour chart, the BTC is currently wavering just above the solid support level of $12,681. We can see that the Bitcoin has already tested this support level twice before, making it much less likely that it will be able to break through it now.

BTC/USD - 240 - Mins Chart

BTC/USD – 240 – Mins Chart

The descending triangle pattern, which was earlier broken upward, seems to be providing support to the BTC at $12,680. The 50- periods EMA, however,  is extending resistance at $14.985.

Key Technical Levels – BTC/USD

Support     Resistance

13,660          14,550

13,390          14,820

12,950          15,260

Key Trading Level:  $14,105

BTC/USD – Trade Idea

Crypto traders should be monitoring $12,680, as above we can see some bullish rally. On the lower side, the BTC will go after $11,210. Good luck.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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