FX.co ★ Bitcoin analysis for May 30, 2018

The Bitcoin (BTC) has been trading upwards. The price tested the level of $7.520. Chilean crypto exchange Buda.com has launched in Argentina, initially supporting four cryptocurrencies. Already operating in three other countries, the exchange says Argentina has the potential to become its most important market in the course of a year. The technical picture on Bitcoin looks neutral to bearish.

Trading recommendations:

According to the H1 time - frame, I found that price failed to break the supply trendline in the background, which is a sign that buying looks risky. My advice is to watch for a potential breakout of a flag to confirm a further downward movement. The downward targets are set at the price of $7.332 and at the price of $7.000.

Support/Resistance

$7.520 – Intraday resistance

$7.375 – Intraday support

$7.332 – Objective target 1

$7.000 – Objective target 2

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