Cryptocurrency_Capital

Bitcoin Update Evening 5/24/2018

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Good Afternoon,

As expected, Bitcoin bounced back from ~$7350 and is now consolidating just at $7500-$7600. This is allowing the Stoch to reset before more downwards movement likely retesting the next major fib level (our lowest point) at $6450. We just bounced off the 0.236 fib level and couldn't even make it to the Span B cloud. There is almost no volume here in the green, and the Stoch is approaching oversold with little price movement. We didn't expand that much on the 4 hr BBands downwards and are not even that far from the median line , suggesting our bearish predictions from the $9000 range are still continuing. The weekly suggests that unless we form a double bottom at $6450 that things will get much much worse. Though everyone used to dismiss ideas of extreme lows, if the double bottom doesn't happen we could see a gradual decrease into those ranges. On smaller timeframes, we hit the top of the Span B cloud resistance on the 30min and are soon to head back down in the coming hours. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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Comments

Good Job dude!!
Reply
@CryptoKenn2020, Appreciate it, thanks!
Reply
Agreed. Thanks.

Started following you.
Reply
@mhfcrypto, Looking like it'll be the truth. Thank you!
Reply
@mhfcrypto, Looking like it'll be the truth. Thank you!
Reply
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