FX.co ★ Bitcoin analysis for May, 23.2019

BTC price has has been trading downside as we expected. BTC tested and rejection of the $7.417. Anyway, we still expecting more downside on the BTC.

Red horizontal line - horizontal support

Red Horizontal line 2 – horizontal support

Red rectangle – Resistance cluster

Breakout of symmetrical triangle in the background was the key for the sellers and today BTC is testing the lower diagonal of the triangle. Strong resistance is set at $7.745 and it is good place for short positions. Downward references are set at $7.417 and $7.010. Additionally, we found overbought condition on the Stochastic oscillator. Watch for selling opportunities with the first target at $7.417.