Bitcoin recap for 24.05.2018
Bitcoin continues to be pressured hard after India tax on Crypto proposal, China regulation fears and overall liquidations of longs in the Crypto market. Opening was at 7532.50, there was a moving upside - down from the high of 7686.90 to the low of 7222. Price closed at 7512.10. Managed to close above 7500 at least, but with no success to prove anything as a possible break or reversal attempt. Nor bulls or bears were able to take control of the price Yesterday, but overall the sentiment takes hold of the price for the negative. 7050 is the next line of defense for the price (lower triangle line) before it makes another plunge down under 7000 and towards 6466. The other alternative is for the price to bounce back from the line for a small correction. The crypto is still under the Daily 200EMA, far away from it.
On the small charts the price makes small ranges with the form of flags and after that plunges down. Looks for sell entries on the small charts. The daily chart still shows the trend is negative and play with the trend.