FX.co ★ Bitcoin analysis for May 22, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8.201. On Monday, the blockchain research and development firm, Nchain, announced the acquisition of a majority stake in the Bitcoin Cash-centric startup Handcash. The Handcash platform allows users to send BCH in a contactless manner using near field communication (NFC) technology. The technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that price broke the support trendline in the background, which is a sign that sellers are in control. I also found a breakout of intraday bearish flag, which is another sign of weakness. Watch for selling opportunities. The downward target is set at the price of $7.903.

Support/Resistance

$8.320 – Intraday resistance

$8.136– Intraday support

$7.900– Objective target

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