FX.co ★ Bitcoin analysis for May, 22.2019

BTC price has rejcted of the key supply trendline at $8.000 and is trading just below $7.925. Symmetrical triangle is in creation and we see potential for re-test of the low at $7.727.

Yellow rectangle - horizontal resistance

Punc rectangle- key support

White lines – Symmetrical tirangle boundiries

BTC price did nice test-reject of white downward sloping line (resistance), which is bearish sign so far. Next support is at $7.715 and if broken we expect BTC to continue lower towards $7.615. As long as the BTC is trading below key resistance $8.233, we are bearish.