FX.co ★ Bitcoin analysis for May 28, 2018

The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $7.133. One of the largest Bitcoin ATM manufacturers in the world, General Bytes, has recently installed ten new cryptocurrency ATMs throughout the Prague subway in the Czech Republic. Now commuters riding the Prague Metro can purchase digital assets at various locations spread out across the fifth busiest metro system in Europe. The technical picture on Bitcoin looks bearish and I saw no signs of any larger demand.

Trading recommendations:

According to the H1 time - frame, I found that price broke an intraday bearish flag, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.956 and at the price of $6.700.

Support/Resistance

$7.400 – Intraday resistance

$7.133– Intraday support

$6.956 – Objective target 1

$6.700 – Objective target 2

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