For Traders

Analytical Reviews

Crypto-currencies

25.05.201809:57 Forex Analysis & Reviews: Bitcoin analysis for May 25, 2018

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

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

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

Earn on cryptocurrency rate changes with InstaForex

Download MetaTrader 4 and open your first trade