FX.co ★ Bitcoin analysis for May, 31.2019

BTC has been trading sideways at the price of $8.364. Anyway, we fund strong down break in the backgorund and the movement that we got now looks very corrective. Watch for selling opportunities.

White lines – bear flag

White rectangle- strong resistance

Red horizontal line – swing low (support)

After the strong down break, we found that corrctive structure, which is sign that we might expect downside continuation. Our advice is to watch for selling opportunities on the potential break of the bear flag. Downward reference is set at the price of $8.000. Resistance levels are set at $8.435 and $9.077. Stochastic went into overbought condition and BTC did setup for nice drop.