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Key reristance on the test - Bitcoin analysis for May 05,2019

BTC has traded upward. The price tested the level of $5.715.BTC is at the key resistance $5.655 and buying at this stage looks risky. My advice is to watch for potential selling opportunities and downward correction.


Purple rectangle – Swing high (resistance)

Smaller yellow channel – short-term channel

BTC is on the key short-term resistance at the price of $5.655. The resistance is created from previous swing high and the upper diagonal of the upward channel. Since there is possibility that BTC is in overbought condition, you should focus on potential selling plays. Support levels are seen at the price of $5.441 and $5.350. In case that BTC still go higher, the top of the larger upper channel will be strong resistance at $5.840, so you can watch to sell from that point.

The material has been provided by InstaForex Company -