Buy bitcoin: BTC 1 = AU $ 
Sell bitcoin: BTC 1 = AU $ 
Buy Ether: ETH 1 = AU $ 
Sell Ether: ETH 1 = AU $ 
Buy XRP: XRP 1 = AU $ 
Sell XRP: XRP 1 = AU $ 
Buy Litecoin: LTC 1 = AU $ 
Sell Litecoin: LTC 1 = AU $ 
Buy bitcoin: BTC 1 = AU $ 
Sell bitcoin: BTC 1 = AU $ 
Buy Ether: ETH 1 = AU $ 
Sell Ether: ETH 1 = AU $ 
Buy XRP: XRP 1 = AU $ 
Sell XRP: XRP 1 = AU $ 
Buy Litecoin: LTC 1 = AU $ 
Sell Litecoin: LTC 1 = AU $ 
Buy bitcoin: BTC 1 = AU $ 
Sell bitcoin: BTC 1 = AU $ 
Buy Ether: ETH 1 = AU $ 
Sell Ether: ETH 1 = AU $ 
Buy XRP: XRP 1 = AU $ 
Sell XRP: XRP 1 = AU $ 
Buy Litecoin: LTC 1 = AU $ 
Sell Litecoin: LTC 1 = AU $ 
Buy bitcoin: BTC 1 = AU $ 
Sell bitcoin: BTC 1 = AU $ 
Buy Ether: ETH 1 = AU $ 
Sell Ether: ETH 1 = AU $ 
Buy XRP: XRP 1 = AU $ 
Sell XRP: XRP 1 = AU $ 
Buy Litecoin: LTC 1 = AU $ 
Sell Litecoin: LTC 1 = AU $ 

Weekly technical analysis - 24/05/2018

May 24 2018 · by Rabbi Ahmed
Category:  Market Analysis

This week, we have introduced Ether to our retail platform. Going forward, we’ll cover both BTC and ETH in the weekly technical analysis.

This week in Bitcoin

BTCUSD

After finding support at the $8,100 level we mentioned last week, BTCUSD has made consecutive lower highs and lower lows. The daily trend is to the downside, and we anticipate that the market is seeking for liquidity between $7,200 and $6,850.

We have a confluence of factors lining up at this $7,200 to $6,850 zone, which is highlighted by the green triangle in the chart above:

  • 78.6% Fibonacci Retracement of the April rally
  • 161.8 Fibonacci Extension of the the first leg down from the May high
  • 1:1 Double drive
  • The conjunction of the trendlines

Here are this week’s support and resistance levels:

Support levels:

  • $7,200 - $6,850
  • $6,380 - $6,000 (STOPS)

Resistance levels:

  • $9,900
  • $11,800

This week in Ether

ETHUSD

The $838 high made this month was the retest of the broken upward trendline starting from July last year. ETH is now consolidating, and we have a bit of support. That being said, $537 - $480 is the next liquidity pool.

Resistance levels:

  • $830
  • $940 - $980

Support levels:

  • $625 - $590
  • $537 - $480

We’ll be back again next week for another market analysis.


Trading in bitcoin and other cryptocurrencies is speculative in nature, and comes with inherent risks. The analysis provided by Bit Trade is for informational purposes only, and should not be construed as investment advice.

If you are a higher value client looking to trade over $50,000, we want to work with you. Visit our OTC Trading Desk page or get in touch at [email protected]

Related Reading

Category: Market Analysis


Nov 07 2018 · by Muneeb Khan

Crypto Market Commentary: October 2018

Looking for cryptocurrency market movement and technical insights? Our Senior Trader, Muneeb Khan gives a technical analysis and break down... Read more