Bitcoin: technical analysis
28 May 2018, 10:19
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | SELL STOP |
| Entry Point | 7100.00 |
| Take Profit | 6875.00, 6477.25 |
| Stop Loss | 7300.00 |
| Key Levels | 6470.00, 6875.00, 7187.50, 7500.00, 7812.50, 8125.00 |
| Alternative scenario | |
|---|---|
| Recommendation | BUY STOP |
| Entry Point | 7550.00 |
| Take Profit | 7812.50, 8125.00 |
| Stop Loss | 7358.00 |
| Key Levels | 6470.00, 6875.00, 7187.50, 7500.00, 7812.50, 8125.00 |
Current trend
Bitcoin fell to the support level of 7187.50 (Murray [–1/8]). The absence of long-term corrections reflects the strength of the current downward trend.
The breakdown and consolidation of the price below the level of 7187.50 will let sellers reach the next strong support level of 6875.00 (Murray [–2/8]), where a reversal and a formation of an upward correction is possible, while its breakdown will lead to a new wave of decrease. Technical indicators reflect the maintenance of the downward movement potential. Bollinger bands are pointed downwards. MACD volumes are growing in the negative zone, forming a sell signal. Stochastic is pointed downwards.
Support and resistance
Resistance levels: 7500.00, 7812.50, 8125.00.
Support levels: 7187.50, 6875.00, 6470.00.
Trading tips
Short positions can be opened below the level of 7187.50 with the targets at 6875.00–6477.25 and stop loss 7300.00.
Long positions can be opened above the level of 7500.00 with the targets around 7812.50–8125.00 and stop loss 7358.00.
Bitcoin fell to the support level of 7187.50 (Murray [–1/8]). The absence of long-term corrections reflects the strength of the current downward trend.
The breakdown and consolidation of the price below the level of 7187.50 will let sellers reach the next strong support level of 6875.00 (Murray [–2/8]), where a reversal and a formation of an upward correction is possible, while its breakdown will lead to a new wave of decrease. Technical indicators reflect the maintenance of the downward movement potential. Bollinger bands are pointed downwards. MACD volumes are growing in the negative zone, forming a sell signal. Stochastic is pointed downwards.
Support and resistance
Resistance levels: 7500.00, 7812.50, 8125.00.
Support levels: 7187.50, 6875.00, 6470.00.
Trading tips
Short positions can be opened below the level of 7187.50 with the targets at 6875.00–6477.25 and stop loss 7300.00.
Long positions can be opened above the level of 7500.00 with the targets around 7812.50–8125.00 and stop loss 7358.00.
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