Cryptocurrency_Capital

Bitcoin Evening Update 5/28/2018

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

Today should determine the next few days of Bitcoin price movement. While my previous analyses have been bearish , Bitcoin has an opportunity here to hold $7000 and bounce. If we can close the weekly above $7600, or just inside the Span A daily cloud, bulls will live and we will range within the triangle until a confirmed breakout on either side. However, given the current situation, there isn't much volume , and we even momentarily dipped below the lower bound trend line holding us together. On the other hand, the Stoch is bottomed and oversold, and the C wave of the correction is yet to begin - a case for us to hold this range. However, the Stoch can't be completely relied upon, and looking at previous price action there have been dead cat bounces to top it before proceeding with more downwards movement. In this case however, there is little to suggest we get any significant upwards movement. Previous interactions with the lower bound trend line have seen large wicks with significant bounces, so I stick by my predictions that we fall through here based on insignificant movement upon interaction with this price range and little volume to support a breakout. However, we will have to wait and see how we close the daily before knowing more clearly what direction we will take. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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Comments

Please also take a look at the 3D chart here
Reply
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