Bitcoin Price Analysis, 15th May 2018: BTC/USD Markets Volatile Above $8,000

Bitcoin prices remain above USD 8,000 but volatility comes to be a major force in today’s trading session. Prices dipped to USD 8,300 levels at one point with the markets taking consideration for several hours. Ultimately, there was a sizeable upward spike that moved prices to a recovery but the sustainability of such levels comes into question.

The day’s signals

  1. Prices were moving slightly below USD 8,800 earlier through the trading session.
  2. A large selloff made markets touch the bottom at around USD 8,300 levels, with traders taking consideration for several hours.
  3. An upward spike pushed prices to USD 8,700 levels again with markets seemingly exiting the bearish breakout.

bitcoin gdax-btcusd-May-15-2018-9-20-10

BTC/USD charts showcase the extent of the day’s volatility. Bitcoin prices went through some wild swings in the course of today’s trading session. Ultimately, prices might have returned to levels similar to the ones prior to the day’s selloff, but selling pressure certainly showed its capabilities. Traders might be building up more cautiousness now that the market’s sentiment showed itself to be capable of allowing a breach down to USD 8,300 price levels. Resistance for upward movements following the recovery is apparent as markets currently appear uneasy with further price rises.

bitcoin okcoin-btcusd-weekly-futures-May-15-2018-9-20-14

OKEX BTC/USD weekly future charts display a lack of exaggeration in price movements. Futures traders didn’t mirror the selloff to its fullest extent but also didn’t seem to be firm believers in a potential recovery. It’s likely the potential of such price levels being sustained came into question. With uncertainty reaping the markets along with volatility, futures traders are likely trying to play it safe. It’s worth mentioning that with live markets taking consideration amid lower volumes, prices might be prone to another crash.

All in all, traders might be pleased with the fact that BTC/USD markets didn’t breach below USD 8,300 levels. Afterall, the resistance observed in live markets could also be another contributor to the current mood of the market. If a further crash can be avoided, trades could eventually start working on breaking resistance levels.

 

image source: https://www.flickr.com/photos/jenny-pics/2539753594 – jenny downing

Follow BitcoinNews.com on Twitter at https://twitter.com/bitcoinnewscom

Telegram Alerts from BitcoinNews.com at https://t.me/bconews

Load More Related Articles
Load More By George Krash
Load More In Bitcoin
Comments are closed.

Check Also

Bitcoin Price Analysis, 28th May 2018: BTC/USD Dips Below $7,200

Bitcoin prices are moving to new lows with BTC/USD prices dipping to USD 7,100 levels with…