Bitcoin and Crypto close to a market top

28 May 2019

Hi friends, We've had a glorious run in Bitcoin and crypto in recent weeks. On the weekly chart of Bitcoin we can see the high 9k range has shown significant support and resistance in the past, it's also close to the significant 10k mark. Given the length of the straight line parabolic trajectory we have experienced recently things are starting to look toppy. Somewhere between 9k and 10k would be a probable turning point for Bitcoin and the crypto market overall. In the bullish scenario, we would expect a drop of more than 30% down to the 70 week moving average before resuming the bullish direction. If we don't hold that moving average we could find a bottom at the 50 week moving average, or return down to the 200 week moving average for a retest there.

Happy trading!
JA

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***