On the sidelines | 16 May 2018

Wave Analysis

Bitcoin continues to whipsaw above and below 8606.06, after a break above this level, Bitcoin is now below it. This is a key level and as long as the price remains below it, we expect a possible rally to the lower side. So far, we don't advocate holding onto any position on this crypto, rather, conservative traded should wait for either a clear break above 8954 or a clear rebound from 7364.18 to confirm a possible rally to the upper side. If you're already in along position, than its good to pick your profits earlier. Bitcoin could decline steadily towards 7304.13 before a momentum to the upper side seen.

Trade Recommendations:

On the sidelines