Bitcoin analysis for May 31, 2018

analytics5b0fe6744f46f.png

Bitcoin (BTC) has been trading upwards. The price tested the level of $7.563. Averaging more than a million onboardings per year, Philippines' Coins.ph announced it reached a whopping five million users this week for its mobile payments application (app) and hot crypto wallet. Not content with merely adding numbers for their own sake, the company also revealed it would add two new popular coins: bitcoin cash (BCH) and ether (ETH). The technical picture on Bitcoin looks bullish.

Trading recommendations:

According to the H1 time - frame, I found that price broke the downward channel in the background, which is sign that buyers are in control. I also found a potential end of downward correction (abc) in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $7.771 and at the price of $8.103.

Support/Resistance

$7.560 – Intraday resistance

$7.460– Intraday support

$7.771 – Objective target 1

$8.103 – Objective target 2

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