BTCUSD Thursday 17 May 2018: š Another day of $8k Support being tested, and held. As the Consensus summit closes up tomorrow, markets have stayed with a mostly sideways to bearish momentum.
š Stochastics has remained oversold, as it digs lower for another day. Accumulative traders are continuing to buy the lows up every time it drops.
š¤ A lower channel trend is emerging (highlighted in dashed grey) With many touching points showing a continued interaction around these key levels.
š¤ā± A mean reversal to the upside is what the market is waiting for. Timing for this is highly probable over the next 2 weeks based on previous Consensus events.
MAs are spread and death cross appears to be fading for now. A test of lower numbers has been bid up with a fierce demand instantly.
In other news:
Twitter CEO Jack Dorsey remains bullish on crypto - https://cointelegraph.com/news/twitter-ceo-jack-dorsey-reaffirms-bullish-future-on-bitcoin-crypto-as-global-payment
JPMorgan co-president (Crypto) 'Will play a role' in future - https://cointelegraph.com/news/jpmorgan-co-president-jerry-pinto-cryptocurrency-will-play-a-role-in-future
VC Fred Wilson goes in on Why buffet is wrong on bitcoin - https://www.bloomberg.com/news/articles/2018-05-16/don-t-call-bitcoin-rat-poison-union-square-s-fred-wilson-says?srnd=cryptocurriences
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Disclaimer:
Please note that the above information is for educational purpose only and is not to be taken as investment advice. Other Cryptocurrencies are available.
