Earlier on Tuesday, the price of Bitcoin declined to $7,040, to its new monthly low. How does it trade at the moment? Will Bitcoin price continue to decline? Gain insight with Swissquote’s 30 May BTCUSD Price Technical Forecast.
30 May Swissquote – Earlier on Tuesday, the price of Bitcoin declined to $7,040, to its new monthly low. Since then, BTC has recovered to $7,450, but regardless of the newly formed optimism in the market, it is still too early to conclude the start of a new bull market.
30 May BTCUSD Price Technical Forecast
Bitcoin found solid demand on 7105 support. The pair is contained between strong support and resistance given at 6306 (13/11/2017 low) and 10232 (01/02/2018 high). The technical structure suggests short-term decrease.
In the long-term, the digital currency has had an exponential growth but also presented important downturns. There is decent likelihood that the currency could stabilize between 7’000 – 12’000 in 2018. Bitcoin is trading below its 200 DMA (8500 range).
What is Next for the Market?
Despite the strong performance of Bitcoin yesterday, it is likely that the cryptocurrency market will continue to fall until major cryptocurrencies find a strong support level and bottom to bounce off of. For bitcoin, its short-term bottom will likely be the lower end of $6,000, at least in the short-term.
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