Cryptocurrency Analysis

[IFX_Selena]

BTC analysis for May 18, 2020 - Watch for the breakout for the upward channel to confirm downside rotation towards the level at $8.150

BTC News:


The first post-halving Bitcoin (BTC) mining difficulty adjustment is tomorrow, and it's likely bringing much-needed relief to BTC miners that experienced their third pay cut a week ago.

Just six days ago, following the historic third halving of BTC mining reward - lowering the block subsidy from BTC 12.5 to BTC 6.25 per block - it was estimated that mining difficulty, a measure showing how hard it is to compete for mining rewards, would rise 4.5% and above its March all-time high to 16.83 T. This number was dropping already at the time.

At this point, a bit more than a day before the next difficulty adjustment, that result seems highly unlikely, as, on Monday morning (UTC time), major Bitcoin mining pool BTC.comestimates a 3.14% decrease to 15.60 T. The last time the values were at approximately this level was in mid-February of this year, though at that time, the difficulty was on an ascending trajectory.

Trading recommendation:
Support level is set at the price of $9,400




Performed by Petar Jacimovic
Analytical expert
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