Bitcoin Price Analysis May.15

The past days just show how hard is to day trade. Huge candles, huge volatility. Not a good time for short moves. As of now Bitcoin is facing very tough resistance where the moving averages 50 and 200 days meet, and a descending trend line. If it overcomes the $8,900 – $9,000, the next obstacle will be $9,400 resistance.  Consensus conference had started in New York, and the positive effect on the markets, so far, can be seen.

From the bear side, Stochastic RSI had crossed down in the overbought zone – might indicate that the market needs some air before trying to continue up. Next support levels are at $8,400, $8,200 and $7,800.

Sponsored Links

BTC/USD BitFinex 4 Hours chart

Bitcoin May.15


error: Content is protected !!