Bitcoin analysis for May 21, 2019

Source: Forex Analysis

Bitcoin has been trading sideways at the price of $7.847 in past 24h. Watch for selling opportunities.

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Nothing specially changed since our previous analysis. According to the H4 time-frame, we found that the buying climax in the background followed by the up-thrust (reversal bar) is still dominating, which is sign that buying at this stage looks risky. Also, key swing high at the price of $8.312 is still we defended and as long as this swing high is holding, we will watch for selling opportunities. Additionally, we found that breakout of the support trendline (green trendline) For upward scenario, we would like to see clean break of $8.312 to confirm further upward continuation.

Upward references are set:

Swing high – $8.225

Major swing high – $8.312

Downward references are set at:

Swing low – $7.030

Swing low 2– $6.820

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