Technical analysis of Bitcoin for May 24, 2018

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On the 4 hour chart, bitcoin is moving in a bearish bias. The cryptocurrency is moving in a down slope channel and the moving average is above the price. For now, the #BTC seems to be correcting and it is going to re-test the support turned into resistance level at the 7,887.96, after touching the lower level of the down slope channel. Unless the price stops the correction and closes above 8,553.20, the bearish bias will continue.

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