Bitcoin May’s Bullish Run About To Be Reversed

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After recording a high of around $2693 yesterday, bitcoin price started dropping to a low of $2136. Throughout the past ten days, bitcoin price has been recording higher highs on most days which reflects the strength of the bullish wave that has been controlling the market since late March; however, this bullish wave seems to have been reversed yesterday as bitcoin price lost more than $450 of its value during less than 12 hours.

Reversal of May’s Bullish Run Evident on 1 Day BTCUSD Chart:

Let’s take a look at the 1 Day BTCUSD chart from Bitfinex, while keeping the Gann Angle placement and Fibonacci retracement we plotted during our latest weekly bitcoin analysis, plotting the Bollinger Band indicator and executing the Stochastic RSI oscillator (look at the below chart), we can notice the following:

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