FX.co ★ Bitcoin analysis for May 20, 2019

Bitcoin has been trading upwards in past 24h but the BTC hit overbought condition. Watch for selling opportunities.

According to the H4 time-frame, we found that there is the buying climax in the background followed by the up-thrust (reversal bar), which is sign that buying at this stage looks risky. Also, key swing high at the price of $8.312 is still we defended and as long as this swing high is holding, we will watch for selling opportunities. Additionally, we found that breakout of the support trendline (green trendline).

Upward references are set:

Swing high – $8.225

Major swing high – $8.312

Downward references are set at:

Swing low – $7.030

Swing low 2– $6.820