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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq
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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

Bitcoin Price Technical Analysis for 05/08/2018 – Where the Bulls Are Waiting

newsbtc
newsbtc
1 year ago
2 mins read
technical analysis bitcoin

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Bitcoin Price Key Highlights

  • Bitcoin price bounced off its channel resistance but seems to be encountering support once more.
  • Applying the Fib extension tool until the nearby area of interest shows the next potential upside targets.
  • Technical indicators are signaling that the uptrend could continue but at a weaker pace.

Bitcoin price could resume its uptrend upon testing the nearby support and the Fib extension tool shows how high it can go.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

However, the gap between the moving averages is narrowing to signal weakening bullish momentum. Bitcoin price is also trading below the 200 SMA dynamic inflection point to show that it might hold as resistance from here. In that case, selling pressure could still pick up and lead to more losses for bitcoin.

If the channel support keeps losses in check, a bounce back up to the swing high around $10,025 or the actual channel resistance could be due. Other inflection points are located at the 38.2% extension or $9,577.8 or the 50% extension near the mid-channel area of interest. The 61.8% extension is at $9,853 and the full extension is past the channel resistance.

Stochastic has been on its way down but is turning back up to suggest a return in bullish momentum. RSI is also moving higher after recently finding itself in the oversold region, reflecting bearish exhaustion.

Market Factors

Profit-taking at the $10,000 barrier has been anticipated but traders appear to have reacted negatively to remarks from Buffet and Gates. Both have expressed bearish views, citing that bitcoin is “rat poison” and is mostly just driven by speculation.

Still, industry developments have been positive lately and regulation has shown more openness to further innovation. The ongoing risk-off flows may also be dampening investor demand, along with the pickup in the dollar, so it will be interesting to see if bulls can charge again at the current area of interest.

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Comments 4

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Comments 4

  1. Shaun Adams says:
    7 years ago

    Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.Join it using https://www.binance(dot)com/?ref=20011907 and get free 0.05 btc from binance

    Reply
    • Mark Mark Mark says:
      7 years ago

      Binance is a an exchange which forces cryptos to pay overly expensive listing fees, which favor scam ICO coins. These listing fees remain yearly. It is therefore not a service which looks to promote the development of the industry.

      Reply
  2. Shaun Adams says:
    7 years ago

    Binance is an up and coming cryptocurrency exchange with a focus on crypto-to-crypto trading. The platform has started to gain popularity in the blockchain community thanks to its impressive coin offerings and insanely low trading fees.
    Register on it using http://www.binance(dot)com/?ref=20011907 and get free 0.5 bitcoin from binance

    Reply
    • HE HATES THESE CANS!!! says:
      7 years ago

      And also, if you think you will get free .5 bitcoin from anyone, I have a bridge for sale – we accept only TRX, but you can easily convert your .5 bitcoin on Binance.

      Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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