BTC vs USD: Friday 11th May 2018 Daily Technical Analysis [BTFD]

BTC vs USD Friday 11th May 2018:

👀 A boyant bullish bid faced a predictable friday downward pressure during early morning Asian trading as traders took profit before the weekend.

🤑 Demand is still high amongst traders - even with under average volume.

🔔 Stochastics has dipped through the key 55 balance as we highlighted as a interesting pivot point yesterday and is now sitting firmly in the oversold territory. We have updated a hypothetical return to overbought extension in dashed grey.

The $9k level coincides with adjacent fib level and 26 period MA and could serve as a firm support during the weekend as we run into the Consensus blockchain summit in NY next week.

A further break to the downside would be met with rampant demand around the $8900 to $8500 ranges. Traders could take advantage of an under average price to accumulate for the next price pop.

In other news:

Controversial Chinese smart phone manufacturer Huawei releases bitcoin wallet on their 'InApp' Store, comes pre-installed on all new huawei smart phones sold in china - https://cointelegraph.com/news/huawei-releases-bitcoin-wallet-in-app-store-pre-installed-on-all-new-smartphones

RobinHood App rasies $363Mln to expand zero-free crypto trading across the whole of the US! https://cointelegraph.com/news/robinhood-app-raises-363-mln-to-expand-its-zero-fee-crypto-trading-platform-us-wide

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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.