Bitcoin recap for 23.05.2018
The price of Bitcoin had its hard time Yesterday, as all of Crypto anyway. Daily candle opened at 8042.10, lower from the previous day and under the 200EMA. The minimal high at 8059 was quickly diminished as the price started dropping fast, reaching a low of 7402.60 and a close at 7549.30. With this the hopes for a sooner reversal were poised and now before anything positive for the Bitcoin we can see the price moving towards 7372.76 and even bellow that as well towards 6455.06. This is the pessimistic outcome. The positive conclusion for the Crypto drama will if the price manages to reach again 8000 and towards 9000 to harbor there and gaining acceleration for any future movements up in the long-term.
China crackdown on the Crypto with more regulation turns the bearish longs to liquidate. Keeping this tempo. Both of the scenarios I have charted and placed a question mark on the pessimistic one, because if the movement continues to go south, I can't project a stop for the price to make an attempt for a slight correction (bears taking a break).
Additional pressure from governments will subdue the price to additional lows for the short - term for now, so careful with the longs, best way to defend yourself will be again, playing with the trend, or if you're a risk taker - closer SLs or TSL will do the job as well to get even the minimum of a move up.