BTC vs USD Monday 28th May 2018
📉 Heavy selling sold into support at 7300 (Fib 0.236%) which remains in demand for the past 5 days as sellers continually exited the market with a slow inflow trickling in.
🔔 Markets across the board were mostly bloody during the Saturday and into Sunday, with a slight uptick now in early Asian trading as many traders hope we consolidate here and finally see a positive upswing to close back above $9k. This is probable as mean reversal kicks in and price gravitates back to the moving average.
In the media / twitter - It's a mixed outlook with many calling for bitcoin to go to zero and altcoins to overtake.
Stochastics remains oversold with the next fib level at $6895, possibly we will see this level again similar to the start of April.
Traders concerned with loss are reminded their Bitcoin can still always be used for a short position at Bitfinex and Bitmex Exchanges in the case they wish to hedge against further bearish price action.
Headlines:
🔥 U.S. Launches Criminal Probe into Bitcoin Price Manipulation - https://www.bloomberg.com/news/articles/2018-05-24/bitcoin-manipulation-is-said-to-be-focus-of-u-s-criminal-probe
Bitcoin Price to Bottom at $5,700 in Short-Term Before Recovery: Analyst - https://www.ccn.com/bitcoin-price-to-bottom-at-5700-in-short-term-but-recover-analyst/
Buy Bitcoin, Sell Your Altcoins, Says Pioneering Wall Street Blockchain Analyst - https://cointelegraph.com/news/buy-bitcoin-sell-your-altcoins-says-pioneering-wall-street-blockchain-analyst
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Disclaimer:
Please note that the above information is for educational purpose only and is not to be taken as investment advice. Other Cryptocurrencies are available.
