Bitcoin analysis for May 03, 2018

analytics5aeaf92d3028b.png

The Bitcoin (BTC) has been trading Upwards. The price tested the level of $9.241. Goldman Sachs is reportedly launching a bitcoin trading operation where it will trade bitcoin futures contracts on behalf of clients using its own money, starting as early as the next few weeks. The Wall Street investment firm will also offer its own bitcoin futures product to clients. Technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time - frame, I found that price successfully tested the major supply trendline in the background, which is a sign that buying looks risky. According to the structure, I expect a downward wave and potential testing of $8.786, Anyway, watch for a valid breakout and successful re-test of the upward channel before you start your potential sell positions.

Support/Resistance

$9.242 – Intraday resistance

$9.123– Intraday support

$8.786 – Objective target

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

The material has been provided by InstaForex Company - www.instaforex.com