Bitcoin went on a stop run to stop out late shorters and fakingly broke through the Span B cloud before rapidly falling back down into our support box.
On all timeframes (4hr pictured) we see that the buying in this range is no longer that great so any immediate bounces seem very unlikely. Most timeframes are completely oversold and we might form a here before proceeding down further. We went as far as $7864, still in support, but sell has increased gradually and just tonight spiked up. On the 4 hour, the Span B cloud was closing up but expanded again. We are on the extreme lower bound of the BBands which makes it very likely a might form. Signs of the the top can be seen as we formed a reversal on 5/21/2018 and hit cloud resistance. The daily has just crossed back down and signs point to a revisit of $7000 USD and under. We can also see a swing high on the daily, but for the next few hours we will likely consolidate. All the best with your trading!
Written By: Philip Raytburg
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