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18.05.201807:31 Forex Analysis & Reviews: Technical analysis of Bitcoin for May 18, 2018

Long-term review

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If we look at the 4-hour chart on Bitcoin, we can see that Bitcoin is trading with a bearish bias. The crypto-currency is already making an upward broadening channel (Weak Bull) and broke its support. Now Bitcoin is trying to test the next support level at $7,433.44 level, but there must be a correction to re-test the previous support level which became the new resistance level (because the stochastic oscillator is already in the oversold condition) at $8064.16-$8,173.44 level. However, as long as the #BTC does not breakout and keeps slightly above $8,463.60, the digital currency is likely to continue the bearish bias and to test the next support level at $7,433.44.

(Disclaimer)

Arief Makmur
Analytical expert of InstaForex
© 2007-2024

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