Bitcoin analysis for May 01, 2019

BTC has traded upward as we expected. The price tested the level of $5.610. Anyway, there is a strong resistance near $5.610 and our advice is to watch for potential selling opportunities.

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Purple rectangle – Swing high (resistance)

Smaller yellow channel – short-term channel

BTC did stop going upward exactly at the resistance and the upper diagonal of the channel ($5.610), which is sign that buying looks risky at this stage. Support levels are seen at the price of $5.444 and $5.346. The larger yellow channel is still active and the trend is still bullish but with no serious demand involved, which may result further near-term weakness. Watch for selling opportunities with the first target at $5.444.

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