ZuluTrade Blog

Bitcoin is consolidating below 10k frontier!

Market View | Monday, May 7, 2018 2:06 PM GMT

Bitcoin is getting viral again on the social media. Some traders say that Bitcoin is bullish above 10k level while bearish below it. Alternatively, the 10k level is critical for the King of Cryptocurrencies. This is why it is consolidating below this area for a half of month. This can be a positive indication because the market likes to accumulate before the next upside move. However, we have to mention that Stochastics is giving a bearish divergence, which potentially justifies today’s weakness. Overall, the BTCUSD looks bullish as long as the price stays above 200 SMA in the daily timeframe.



Heading to the hourly timeframe, BTCUSD is following smoothly the 200 SMA. Therefore, this may be our trend guide for the intraday price action. Furthermore, the 61.8% Fibonacci retracement level acts as an additional support. Below the gray area, sellers may get potential bearish trade setups.


(EMA = Exponential Moving Average, SMA = Simple Moving Average, 5EMA = Blue, 21EMA = White, 200SMA = Yellow)

Always review your own analysis. If there is a confluence between the current study and your own strategy, then you may have even better trading setups.


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