Bitcoin Price Technical Analysis for 05/30/2017 – The Return...
Array

Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls

-

- Advertisment -Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls

Bitcoin Price Key Highlights

  • Bullish pressure seems to be returning to bitcoin price as it moved past the short-term channel resistance.
  • Bitcoin price could be on its way to test the recent highs close to the $2800 mark from here or creating new ones.
  • Technical indicators, however, are suggesting that bears could still stay in control.

Bitcoin price has surged past its short-term downtrend channel resistance to signal that buyers are gaining the upper hand again.

Technical Indicators Signals

The upside breakout from the channel has been weak as the momentum was barely sustained on the move up. Also, the 100 SMA has crossed below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume at some point.

Stochastic is also indicating overbought conditions and is crossing down to suggest a return in bearish pressure. If so, bitcoin price could revisit the broken channel resistance for a retest or move back to support at $1800 or lower.

RSI is still on the move up to suggest that buyers have the upper hand but this oscillator is also nearing the overbought region to reflect rally exhaustion. After all, bitcoin price is currently hovering at an area of interest or former support at $2300-2400.

Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls

Market Events

Although fundamentals are positive for bitcoin price at the moment, traders appear to be holding out for another batch of stronger catalysts similar to what we’ve seen in the previous weeks before taking the cryptocurrency to new heights.

For now, geopolitical risks have subsided as markets are calming down after the Manchester Arena attack and area also seeing hints of political stability in the UK with the ComRes poll. In the US, the attention has shifted away from the probe into Trump’s intelligence information leak to Russia and onto the positive revision in Q1 GDP, which has been bullish for US assets, including the dollar.

Moving forward, industry news could still lead to another wave higher for bitcoin price as developers and miners show more progress in eventually executing their plans for the scalability agreement.

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.


Source link

Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls
Bitnewsbot.comhttps://bitnewsbot.com
BitNewsBot.com aggregates the latest news around bitcoin, blockchain, cryptocoin, ICO's and FinTech, from all around the internet and publishes them in a single place.

Latest news

Math-Based Approaches To Win Slot Games

If the 17th Century was the era of Blackjack, and 19th Century was the undisputed reign of...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot machine industry is, full of technological evolution and the all-important...

Advice for Responsible Slot Gambling From an ex Addict

Thanks to a combination of improved gameplay and their availability on remote devices, the slots you can...

When You Should Stop Playing Bingo

Since its inception in the late 1800s, Bingo has enjoyed a remarkable rise to popularity, being a...
- Advertisement -Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the BullsBitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls

Why Bitcoin Will Succeed?

If Bitcoin will succeed or not is an interesting question. For the time being, Bitcoin holds a...

Elon Musk Tweets That “Bitcoin” Is Not His Safe Word

By now, you probably know that Elon Musk appears to have knocked up his girlfriend, Grimes. And just when you...

Must read

Math-Based Approaches To Win Slot Games

If the 17th Century was the era...

Reasons To Prefer Slot Games Even When You Are Losing

Oh what a wonderful world the slot...
- Advertisement -Bitcoin Price Technical Analysis for 05/30/2017 – The Return of the BullsBitcoin Price Technical Analysis for 05/30/2017 – The Return of the Bulls

You might also likeRELATED
Recommended to you