Bitcoin analysis for May 09, 2018

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The Bitcoin (BTC) has been trading downwards. As I expected, the price tested the level of $8,938. Bitcoin enthusiasts rejoice. The technical details have emerged about Sirin Finney, an ultra secure mobile device promising to keep your cryptocurrency transactions private. The phone will feature an embedded cold storage wallet, and will be made by the same company that makes the iPhone. Technical picture on Bitcoin looks bearish.

Trading recommendations:

According to the H1 time-frame, I found that potential corrective C wave is in creation, which is a sign that buying looks risky. I found few bearish flags in the background, which is another sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward target is set at the price of $8,609.

Support/Resistance

$9,218 – Intraday resistance

$8,937– Intraday support

$8,610 – Objective target 1

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