The Bitcoin (BTC) has been trading downwards. The price tested the level of $5.231. Dutch bank ING is flustered over the fact bitcoin consumes so much energy. Recently, the bank released a report saying bitcoin transactions consume as much electricity as a house does in a month. They seem to believe this is problematic since traditional electronic payment methods do not use near as much energy, according to the bank. They went on to say fiat cash will still be how people get paid and pay taxes. The intraday picture looks bearish.

Trading recommendations:

According to the 15M time frame, I found broken pivot support 2, which is a sign that Bitcoin changed trend dynamic from bullish to bearish. My advice is to watch for potential selling opportunities on the rallies. Downward targets are set at the price of $5.150 (S3) and at the price of $5.050 (FE 161.8%)

Support/Resistance

$5.619 – Intraday pivot

$5.150 – Pivot support 3

$5.050 – Fibonacci expansion 161.8%

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