Bitcoin Price Prediction and Technical Analysis for May 17
t hasn’t been a good day for the Bitcoin price as of today. A lot of value has been lost in very quick succession, yet no one seems to know where this downtrend will end exactly. With some basic technical analysis, it quickly becomes apparent numerous key support levels have been broken in quick succession. This free fall will end eventually, but for now, it will seemingly continue.

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1 A Retrace was Completely Expected
2 BTC/USD Technical Analysis
3 The MACD Looks way Oversold
4 The Elder Ray Indicator Looks Bearish
A Retrace was Completely Expected
It is always crucial to keep an eye on how fast a cryptocurrency market moves up or down. In the case of Bitcoin, the recent uptrend has been both impressive and violent at the same time. Such strong gains in quick succession cannot go by without a hefty correction of some sorts. That correction is currently ongoing, as the actual bottom may sit a bit lower compared to the current price.

As is usually the case when it comes to volatile cryptocurrencies, the current trend can turn around on a dime. There have been numerous attempts at reverting the Bitcoin trend today, albeit all of them have failed miserably so far. The market is clearly in a massively oversold state, but since there are not enough buyers willing to push the price higher, the current trend could remain in place for a few more hours. For all one knows, the current resistance levels are broken as swiftly as they were when the levels acted as support. Unpredictability is what makes these markets so appealing.

BTC/USD Technical Analysis
There are some interesting aspects of the BTC/USD chart when looking at the one generated by the Bitstamp exchange. Perhaps the oddest fact is how this is only one of the only trading platforms to see the Bitcoin price drop as low as $6,168 which is well below the lowest price of other exchanges. Why the value hit such a low value, remains rather unclear at this time. It is possible there simply wasn’t enough liquidity to keep the order book afloat, although it does raise a lot of interesting questions.

When looking at the actual technical indicators, a very worrisome trend becomes apparent. Albeit the chart below might label too many levels as “crucial”, there are all former resistance levels of the past few weeks. Every single one of those levels was turned into perceived support lines, albeit last night’s retrace shows that is not necessarily the case. The Bitcoin value got dumped through at least eight “support” levels in very quick succession, which still leaves a lot of people puzzled at this stage.
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