Technical analysis Bitcoin. BTC-USD on May 15, 2018

BTC

It keeps accumulating, we still can see the bearish signals on higher timeframes. ADX shows the weak market amplitude, Stoch RSI on 3 days timeframe is overbought and looks ready to go down, MACD is in the bearish zone, if it does not manage to go up in the following days, most likely the fall scenario will work for BTC. We can see on the middle timeframes that the market is trying to enter 8750-8900 zone, but it will not be able to consolidate above the resistance, also we can see the overbought condition. There is a possibility to go down and the next support will meet up on 8500 level. If the market pressure becomes stronger, we can touch 8200 again. Now the local support at 8750 is an important level to determine the further market movement, we recommend to follow the price movement closely.