The Bitcoin (BTC) has been trading upwards. The price tested the level of $3,993 driven on the news that the Japanese exchange Coincheck announced they have become a fully licensed exchange in Japan after being approved by the country's Finance Bureau Director. On September 13 the Japanese bitcoin trading platform and payment processor, Coincheck, announced the firm had been approved to be a licensed "virtual currency exchange." The exchange registration approval follows the provisions of Article 63-3 of the country's fund settlement law. The tehnical picture is still in favor of sellers.
Trading recommendations:
According to the 1H time frame, I found a rising wedge in creation, which is a sign that buying looks risky. There is a hidden bearish divergence on the moving average oscilator, which is another sign of weakness. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $3,354 and $2,965.
Support/Resistance
$4.000 – Cluster resistance (price action)
$3.454 – Pattern objective support (price action)
$2.965 – Support (price action)
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