The Bitcoin (BTC) has been trading upwards. The price tested the level of $6.221. The Japanese Financial Services Agency (FSA) has issued a statement regarding initial coin offerings (ICOs). In addition to risk warnings, the agency detailed how two existing laws may apply to token sales. Technical picture looks bearish.
According to the 1H time frame, I found a potential double top formation and confirmed resistance at the price of $6.621. There is also a doji candle in the background, which is a sign that buyers lost power and that Bitcoin may start a potential downward correction. My advice is to watch for potential selling opportunities. Downward targets are set at the price of $6.012, $5.947 and $5.888. All targets are based on Fibonacci levels.
$6.222 – Resistance (price action)
$6.012 – Fibonacci 38.2 % support
$5.947 – Fibonacci 50 % support
$5.888 – Fibonacci 61.8 % support
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