FX.co ★ Bitcoin analysis for May 25, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7,248. Japan's GMO Internet announced that it will unveil its flagship bitcoin mining machine, called GMO miner B2, equipped with the 7nm chips on June 6. Interested customers can register now for the upcoming information session.The technical picture on Bitcoin looks bearish.

Trading recommendations:

On the H1 time frame, I found that the price broke the intraday bearish flag, which is a sign that sellers are in control. The trend is downward and my advice is to watch for potential selling opportunities. The downard target is set at the price of $6,962.

Support/Resistance

$7,616 – Intraday resistance

$7,247– Intraday support

$6,962 – Objective target 1

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