Bitcoin [BTC] vs US Dollar [USD] Wednesday 16th May 2018- Daily Techical Anaylsis [BTFD]

BTC vs USD Wednesday 16 May 2018:

📉 A sell off took hold of price action yesterday as support was tested at the $8200 fib level as the death cross played out further, amid a relatively average day volume-wise. Is this the calm before the storm of Consensus?

Stochastics remains oversold and is testing critical lows currently. Any attempt out of extension out of the oversold area has been sold into quite rapidly.

There have been a huge amount of news updates already from the Consensus event with Bitcoin Cash releasing their 32mb block upgrade, there was also an announcement yesterday of a suite of institutional tools being released from Coinbase.

While the markets digest this news, we still continue to test support and the market cap is now at only $377b at time of writing.

Consensus News:

http://bitcoinist.com/coinbase-announces-new-products-institutional-investors/

GoTenna and Samourai wallet - release a no internet connection transactions over using the mesh network a decentralized FM radio based internet https://www.coindesk.com/gotenna-bitcoin-wallet-mesh-network/

Circle closes Series E funding for a Crypto dollar 'stablecoin' - https://www.coindesk.com/110-million-circle-series-e-bitcoin-unicorn/

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Disclaimer:
Please note that the above information is for educational purpose only and is not to be taken as investment advice. Other Cryptocurrencies are available.