FX.co ★ Bitcoin analysis for May, 29.2019

BTC did reject from the upper diagonal of the downward channel at $8.750, which influenced sellers. There is potential for down plan and potential test of $8.422.

White lines – Downward channel

Red line – Support 1

White rectangle – Support 2

BTC did successful test of the resistance and also did successful breakout of the upward trend line, which is sign that sellers are in control. We found the bearish divergence on the Stochastic oscillator, which is another sign of the weakness. As long as the BTC is trading below the $8.926, we are bearish. Support levels are seen at $8.422 and $8.230.