Technical analysis Bitcoin. BTC-USD on May 28, 2018

May 28, 2018

Now the 7200 level is holding the pressure, but as we are in the downtrend movement on 6 hours timeframe now it gives a possibility for the further drop, there is a possibility to touch the lower edge of the channel. Never the less, as we are in the triangle right now on 1-day timeframe it gives a perspective to bounce with the further growth up to 9000, but even here there is a possibility to go down before the impulse up. Some timeframes show the bullish divergence, the sell volume starts to reduce, the price managed to make a good retrace after the last impulsive wave, right now the market is trying to bounce from Fib 0.786 (which corresponds to 7200 price), which usually serves as a good support and reversal zone (the price can go lover, however it comes back up during some short time). The breaking of triangle pattern on 1-day timeframe and the consolidation of the market under the lower edge will be a bad sign showing further downtrend movement.

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