Cryptocurrency_Capital

Bitcoin Afternoon Update 5/17/2018

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

So we fell slightly from the morning to the $8100 range and are resting just on top of support which is between $7800 and $8000. We should fall in there and find,a range for a few days before deciding what comes next. The BBands are expanding just a bit as we're on the lower bound so a range in that support area should allow it to reset. The Span B cloud is expanding on the larger timeframes (6hr pictured) and sell volume has increased. The Stoch has nearly reset on all timeframes to oversold at the time of this update, so likely we just range for several more hours between $8100 and $8300 before falling some more. From that point, if there are no out of the blue breakouts, it would be wise to see what happens in that support area before longing or shorting, or simply trading Bitcoin . An argument for a bounce here would be that we have already actually found support on top of the previous range pictured on the 6hr above, and won't fall into that range but instead approach Span B resistance. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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