Bitcoin analysis for May 16, 2018
May 16, 2018 9:22 amVideo
Latest News
- Technical Analysis – GBPUSD tries to recoup some losses April 18, 2024
- USD/JPY in crisis April 18, 2024
- EUR/USD: trading plan for US session on April 18. EUR gets stuck at 1.0686 April 18, 2024
- Fed to keep policy tight for longer than markets view April 18, 2024
- Technical Analysis – BTCUSD drops to 6-week low as halving looms April 18, 2024
- Midweek Technical Look – EURUSD, US 500, WTI April 18, 2024
- Technical Analysis – AUDJPY pulls back but stays in uptrend April 18, 2024
- Forex forecast 04/18/2024: EUR/USD, USD/JPY, Oil and Bitcoin from Sebastian Seliga April 18, 2024
- Video market update for April 18, 2024 April 18, 2024
- Technical Analysis – WTI oil futures exit sideways move to the downside April 18, 2024
- Market Comment – US dollar on the back foot as nervousness lingers in equity markets April 18, 2024
- Hot forecast for EUR/USD on April 18, 2024 April 18, 2024
- EUR/USD and GBP/USD: Technical analysis on April 18 April 18, 2024
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.239 and met my yesterday’s targets. Japanese internet giant GMO has updated its plans to manufacture and sell its 7nm bitcoin mining chips as well as for its own mining operations. Interested customers will soon be able to reserve some of these chips. The technical picture on Bitcoin looks neutral to bearish.
Trading recommendations:
According to the H1 time – frame, I found that price broke consolidation zone in the background, which is a sign that sellers are in control. I also found a potential intraday bearish flag in creation, which is another sign of weakness. My advice is to watch for potential selling opportunities if you see a valid breakout of bearish flag. The downward targets are set at the price of $7.810 and at the price of $7.156.
Support/Resistance
$8.260 – Intraday resistance
$8.045– Intraday support
$7.810 – Objective target 1
$7.156 – Objective target 2
With InstaForex you can earn on cryptocurrency’s movements right now. Just open a deal in your MetaTrader4.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: