Bitcoin Market Commentary May 10, 2019

The Trading Daily Market Commentary features a summary of selected market segments as well as economic matters. Its content of interest is made available to all traders and investors at large

The Bitcoin and cryptocurrency segment continues to be two-faced, with BTC/USD and the significant crypto coins deviating considerably. BTC triumphantly tackled our Inner Coin Rally $6175 price level, clearly overrunning the structurally critical resistance level of the $6000, bettering the broader market segment by a wide margin. 

Notwithstanding its prevailing strength, we do expect a continuing ascent in the Bitcoin, since following the long-lasting uptrend move, a hefty pullback is likely ahead following completion of Inner or Outer Coin Rallies, with the bears' forces are expected to overcome the mid-term bullishness of the crypto coin. 

The downside risk level for the currency remains crucial at the outcomes, and even in the instance of a coin broader market rally, investors as well as traders out to continue to be very watchful towards hereabouts.

Bitcoin Chart

With the Bitcoin, as we can see on the chart forged its short to medium-term rally between April 4 through 29, posting its steady to the higher price level, despite the segment-wide headwinds as well as the unfriendly long-term technicals analysis. The coin topped the $6200, and it survives as the only significant coin in an unquestionably bullish short-term mode.


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