Cryptocurrency_Capital

Bitcoin Afternoon Update 5/31/2018

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

Bitcoin has bounced pretty well in the last several days (yesterday especially), forming a nice A wave correction. At this point in time, we have likely reached a local top. The DeMarker is at 0.7, indicating we are in overbought levels and the Stoch is overbought and topped out on the 6 hour, indicating we get a B wave down in the coming hours.We have to remember we are still in a downtrend until clearly proven otherwise, and depending on how we interact on these levels we'll be able to tell more clearly whether Bitcoin wants to approach the upper bound trend line , retest the lower bound, or potentially later breakout on either side. On the 4 hour we are inside the Span B cloud, and that acts as a significant resistance area . Based on current price movements, I believe we correct to just under the BBands median (~$7450) before continuing higher upwards - likely to around the 6 hour Span B cloud at ~$7800 - before getting any continued major resistance. All the best with your trading!

Written by:
Philip Raytburg
Research Analyst

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Good work!
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