FX.co ★ Bitcoin analysis for May 21, 2018

The Bitcoin (BTC) has been trading dupwards.The price tested the level of $8.553. On May 19, a group of Bitcoin Cash (BCH) miners met after the Coingeek Conference in Hong Kong to discuss a new proposal which would fund BCH development and professional programmers who worked on the protocol. The funding would stem from a portion of the miners block reward, and attendees discussed donating between 1-5 percent of rewards to fund developers. Technical picture on Bitcoin looks neutral to bearish.

Trading recommendations:

According to the H1 time - frame, I found that the price rejected from the upper diagonal of the channel, which is a sign that buying at this stage looks risky. I also found possible bearish flag in creation, which is a sign of weakness. My advice is to watch for a potential breakout of the bearis flag to confirm further downward price and potential re-test of $8.355 (lower diagonal).

Support/Resistance

$8.522 – Intraday resistance

$8.398– Intraday support

$8.355 – Objective target 1

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