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Buy XRP: XRP 1 = AU $ 
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Buy Litecoin: LTC 1 = AU $ 
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Buy bitcoin: BTC 1 = AU $ 
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Buy Ether: ETH 1 = AU $ 
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Buy XRP: XRP 1 = AU $ 
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Buy Litecoin: LTC 1 = AU $ 
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Weekly technical analysis - 31/05/2018

May 31 2018 · by Rabbi Ahmed
Category:  Market Analysis

This week in Bitcoin

Last week, we mentioned that we “anticipate that the market is seeking for liquidity between $7,200 and $6,850.” We have since reached that target, and the market has shown some strong bids.

The market is coiling in a wedge/triangle, so we now anticipate a rally to make the 3rd test on the upper side of the triangle at $8,600 to $8,900.

BTCUSD

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

  • 78.6% Fibonacci Retracement of the April rally
  • 161.8 Fibonacci Extension of 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:

  • $8,600 - $8,900
  • $9,900
  • $11,800

This week in Ether

ETHUSD

The market has bounced and retested the back of the downward trendline, and has filled the liquidity we targeted from last week: the $537 to $480 zone.

ETHUSD would need to hold above $470; otherwise, it could slide back to early April lows of $350.

Resistance levels:

  • $830
  • $940 - $980

Support levels:

  • $625 - $590
  • $537 - $480

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