Technical analysis of the Bitcoin price - May 31, 2018
The price of Bitcoin is located right at the upper limit of a descending trench canal. The question now is whether the bears will be able to withstand the pressure of the bulls.
Some technical indicators show that the more likely direction is down, but there are still signs that vendors are beginning to lose momentum. The levels are oversold, and in the last hour, Bitcoin has begun to gain more and more speed. Holding over $ 7,600 would mean good news for the crypto market, which is currently a major indicator of the direction of Bitcoin in the coming days and weeks.
If Bitcoin fails to break the resistance level, the initial drop to about $ 7,000 is not off, and $ 6,000 is the bottom of a possible continuation of the downturn.
The analysis is for informational purposes only and does not constitute advice, recommendation or offer to buy or sell Bitcoin, and any other crypto. SuggeElson Ltd is not responsible for any losses after the use of the current analysis. Invest wisely and only amounts that you can afford to lose.
image source - TradeView
Hiii @suggeelson, well analysis about bitcoin. but i am hopeful that in the end of june BTC will cross 10000.
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I think the price of the bitcoin may continue to collapse, because of the new criptocurrencys that have come to market, obviously none reach the value of that currency, but I think it is somehow affecting