FX.co ★ Bitcoin analysis for May 08, 2019

BTC is trading inside of the well-defined trading range. Watch for potential breakout of the resistance or support to confirm further direction.

Purple rectangle – Resistance $6.270

Green rectangle – Short-term support $5.720

Green lines – Upward channel

According to the Daily time-frame, we found that BTC is trading inside of the well-defined trading range between the price of $6.265 (resistance) and $5.720 support. The BTC tested the upper diagonal of the channel, which is sign that downward correction might come into the play. In case of selling, downward target will be set at $5.720. In case of upward break, upward target will set at $6.750.