FX.co ★ Bitcoin analysis for May 14, 2019

BTC has been trading upwards as we expected. Our target at $8.15 has been reached. There is potential for the pullback.

According to the H4 time-frame, we found that there is momentum up decreasing, which is sign that buying looks risky. BTC is in extended run phase and potential pullback is expected. We found the bearish divergence on the slow Stochastic oscillator, which is another sign of the potential pullback incoming. ADX also started to go down indicating potential weakness on BTC.

Upward references:

Swing high – $8.153

Downward:

Swing high acting like support – $7.411

Bottom of the balance - $6.822