Course Bitcoin: Kryptonite trying to reverse the situation
On Tuesday, may 30, trades on bitcoin ended growth. Favorable news from South Korea stopped a seven-day depreciation. Bitcoin has risen against the dollar by 5.2%, to $7465. On the daily chart appeared prerequisites for the development of the upward correction. At the same time, the medium-term sellers has not changed.
The reason for the higher valuations could be the news from South Korea. In local mass media appeared the message that the national Assembly of South Korea made a formal recommendation for resolution of intra-state ICO.
The daily candle for Tuesday (may 29) completely blocked the body of the candle for the Monday (28 may). The bearish signal from the candlestick formation may not be realized fully, because the sellers also have support from technical factors.
The price returned to the trend line, which was passed may 26, and has now become resistance. Return rates market checks the validity of the breakout of the trendline. Channel “A-A”, from which the price came out may 23, is also now acts as a resistance for buyers.
If buyers will be $7550 and daily candle closes above it, then the price growth will continue up to $7786 for bitcoin. Those levels that have previously acted as support, now become resistance. An unsuccessful attempt to consolidate above $7550 will force buyers to reconsider their views and to get out of long positions. On the time period there is a range of $7380-$7550. Where the price will come out of it in the direction it will move to $150-$200.