RATE Group | Bitcoin Price Technical Analysis for 05/08/2018 – Where the Bulls Are Waiting
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Bitcoin Price Technical Analysis for 05/08/2018 – Where the Bulls Are Waiting

08 May Bitcoin Price Technical Analysis for 05/08/2018 – Where the Bulls Are Waiting

Posted at 09:06h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price bounced off its channel resistance but seems to be encountering support once more.
  • Applying the Fib extension tool until the nearby area of interest shows the next potential upside targets.
  • Technical indicators are signaling that the uptrend could continue but at a weaker pace.

Bitcoin price could resume its uptrend upon testing the nearby support and the Fib extension tool shows how high it can go.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse.

However, the gap between the moving averages is narrowing to signal weakening bullish momentum. Bitcoin price is also trading below the 200 SMA dynamic inflection point to show that it might hold as resistance from here. In that case, selling pressure could still pick up and lead to more losses for bitcoin.

If the channel support keeps losses in…

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