Cryptocurrency_Capital

Bitcoin Afternon Update 5/23/2018

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

Well, as expected, Bitcoin fell right through our support area . It is completely oversold now though so we should get a retest bounce to ~$7750/7800 before continuing down. Things are likely to get really ugly in the coming days as it seems we might crash back down to the $6500 support we tested at the beginning of April. After our current price breakdown, there really is no major support until that range. The weekly Stoch RSI is turning back down and we can see the first visible Span B cloud in over a year. There is a confirmed weekly reversal doji on the week of May 7th, and the weekly seems like we go past the $6500 support in the future too given several red weeks. In the short term we stopped at $7550 and are now ranging/forming a bounce back to previous support turned resistance. Sell volume continues to increase and I would be very cautious trading and staying skeptical of any bullish arguments unless we break above the Span A cloud on the daily (now closing up) which would place us at $9000 - an unlikely situation with the BBands starting to expand downwards on larger timeframes and overall bearishness in the market. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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