Cryptocurrency_Capital

Bitcoin Morning Update 5/29/2018

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

We got a large volume spike in the green and a breakout to above $7400. On the daily we wicked just under our trend line (log scale) and seem to be approaching salvation. The Stoch is completely oversold on the daily, and with this save I am starting to become slightly less skeptical. Before any positions opening, I want to see a weekly close above $7600 and strong momentum, both volume wise and with a confirmed C wave correction beginning (shown in comments). On the 4 hour pictured below we are overbought, approaching Span B cloud resistance, and at the top of the BBands, so we should at the least retest the BBands median before continuing up further or retesting the trend line . Let's see how the daily closes today as nothing is for certain in these markets!

Written by:
Philip Raytburg
Research Analyst

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