Bitcoin analysis for May 17, 2019

Source: Forex Analysis

BTC has been trading downwards as we expected. The price tested the level of $6.955. We still expect downside.

analytics5cded4f842ca7.jpg

Both of your yesterday’s targets at $7.607 and $7.418 were met. We found strong reaction from sellers and strong drop on BTC. Most recently, there is the potential bearish flag in creation, which is sign that we should see more downside. The ADX is reading is above 30 and increasing, which is signal that down momentum is strong. Watch for selling opportunities on the rallies.

Downwards references are set:

$6.836

$6.500

Upward references are set:

$7.347

$8.316

The material has been provided by InstaForex Company – www.instaforex.com