Bitcoin under heavy pressure, potential for further drop!

17 May 2018

Bitcoin is seeing major resistance at 8506 (Fibonacci retracement, Fibonacci extension, small horizontal overlap resistance, price action, descending resistance and bearish ichimoku cloud). This all points to further downside potential on Bitcoin. If price drops from here, it could potentially drop to major support at 8122 (Fibonacci extension, horizontal swing low support).
Stochastic (21,5,3) is fast approaching major resistance at 87% where a corresponding reaction could occur.
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Losses can exceed the initial investment so please ensure you fully understand the risks.