Bitcoin analysis for May 15, 2019

BTC has been trading sideways at the price of $7.944. We see potential for the pullback and downward correction.

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According to the H4 time-frame, we found that there is momentum up decreasing, which is sign that buying looks risky. BTC is in extended run phase and potential pullback is expected. We found the bearish divergence on the slow Stochastic oscillator, which is another sign of the potential pullback incoming. The ADX is going down indicating potential weakness on BTC.

Upward references:

Swing high – $8.153

Downward:

Swing low – $7.590

Previous high became support - $7.413

Swing low - $6.834

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