FX.co ★ Bitcoin analysis for May 11, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.640 and met my yesterday's target. In less than a week on May 15, the Bitcoin Cash (BCH) network will be upgrading the base block size from 8MB to 32MB, as well as re-enabling and adding some OP_Codes to the codebase. With just days left there are a few things BCH holders and full node operators should know before the upgrade takes place this coming Tuesday. Technical picture on Bitcoin looks bearish. Trading recommendations: According to the H1 time-frame, I found a broken bearish flag in the background, which is a sign that sellers are in control. In my opinion wave C is still in creation and my advice is to watch for selling opportunities. The downward targets are set at the price of $8.600 and at the price of $8.390.

Support/Resistance

$8.793– Intraday resistance $8.600– Intraday support $8.600 – Objective target 1$8.390 - Objective target 2

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