5–1–2018 Bitcoin Price Analysis

Picture Credit: CoinTelegraph

So, I decided to do an update because the price of Bitcoin just plummeted out of nowhere.

I circled all of the points where the price of BTC was knocked back against a resistance.
So, the first point of support that I have marked here is at $8.7k, which is just a bit below where we’re at currently.

What I posted above is the 1-Day chart.

The volume has been decreasing over the last few days as well, though, however.
Above is the 3-day chart. It looks like the momentum here is either waning, or this is a period of consolidation before the price continues to rise above. This could be a potential bull pennant here.

I’ve posted this before earlier today, but I’ll go ahead and reiterate it for anyone that’s still currently wondering.

This is what a bull pennant formation looks like:

As noted before, there is a relatively a low-ish success rate for this chart pattern according to Thomas Bulkowski, but it’s still worth considering.

There are a lot of converging support/resistance points at this time and the RSI is decreasing (which doesn’t necessarily mean a price reversal further down south).

It remains to be seen what moves will occur with bitcoin.

Not too much more to say at this point in time.

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