BTC/USD Long-term Trend: Bearish
Supply Zone: $8,000, $8,500, $9,000
Demand Zone: $7,000. $6,500, $6,000
Last month of May 2018, price of Bitcoin had been bearish all through the month. The asset had a price value of $9,264.79 at the beginning of the month of May, 2018. But fell to the low of $7,527.31. Price of Bitcoin had depreciated for about 18.75%. However, from the price action, the market had reached the oversold condition of the market. Traders ought to look for buy setups to initiate long trades. However, the 20-day moving average and the 50-day moving average are trending upward.
Nevertheless, the 20-day moving average is above the 50-day moving average indicating the rise of Bitcoin price. The market has reached the support zone, therefore the bearish pressure is as good as over. Price of the asset is expected to reach the highs of $8,000 and $8,500, though the asset will face resistance at those levels.
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