We're short | 18 May 2018

Wave Analysis

After a break below 8400.37-8304.35, Bitcoin pulled back perfectly towards this level before heading to the lower side and is still within the falling wedge formation. We expect the downward rally that was seen yesterday to be the unfolding of the impulsive wave (c) to the lower side and should go below 7304.13 towards 6455.68 or even lower. This view can only be invalidated in case the price breaks above 8400.37, but as long as we're below this level, only short positions can be recommended with an ultimate target at 6455.68.

Trade Recommendations:

We're short with an ultimate target at 6455.68

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.