the daily chartist

Bitcoin recap for 25.05.2018

published 2 years ago
Bitcoin daily

 Bitcoin had a rough week as well as the price after closing the gap from 23.04.2018 was not able to rebound from the entry and continued to slide after fears of tough regulation changed the sentiment to the Crypto market to negative. Price went under the Daily 200EMA and closed under the moving average. The price opened at 7507.30, made a high at 7611.90 and after that selling continued towards 7292.20 and the price closed for Friday at 7383. 
 The movement is getting closer to 7292.43 and the lower line of the triangle. There the price will need to make test of the line for the figure to play towards the downtrend, or there will be room for another movement up towards the 200EMA and 8509 area. Maybe the formation is yet to be completed for the breakout or the market participants are seeing already enough proof that the price needs to make a break for a push lower 7000. Buying the dip on the lower line is a good idea with SL a little under it and accumulate as much + pips as you can. 
 There isn't much acceleration in my opinion and test of the line has dragged a bit, but also this may mean the the participants are closing in with caution as the area is like a magnet to the price, drawn slowly to it. This can raise your attention, because getting slower and slower there for a possible push may cause a big fake breakout and many participant to be destroyed with their stop losses. So trade with caution, keep it short on the tops and watch out as the price is nearing the line.