BTC Price Analysis - August 22, 2018
BTC is currently at spot #1 in terms of total market capitalization.
At the time of writing, BTC price is currently sitting at $6682 after a busy 48 hours since our last analysis.
So in our last update we noted how BTC seemed to have found good support at $6300-$6310. There was a wave of selling which got BTC to break through the support but held at the second support we mentioned at $6230 (actually the hourly candle which got it that low hit $6230 on the dollar, so...) There seemed to have been plenty of buyers ready there, so BTC bounced back from there and after some brief ranging it broke through $6600 in one of its big green candles. It then went all the way up and tested $6900 on the dollar where it unfortunately got rejected. So where does that leave us now?
Well, right now we'd have to wait a bit and see what the effects of this rejection is. Ideally we'd see BTC consolidate here for a bit before another test of $6900. If it manages to break through that, next level we'd look at would be $7100. While there is some money waiting to short near $6900 still, a lot of it already got exhausted and a lot of shorters got liquidated, so it doesn't look as hopeless as before...
On the downside, if BTC fails to hold $6600, it's back to ranging between the same levels we've established before, but the stronger support we'd look at after that would be $6230 in this case...
On the daily chart for BTC, technical indicators are almost neutral leaning very slightly bearish (9 sell, 9 neutral, 8 buy)
On the weekly chart for BTC, technical indicators give a slightly worse bearish but not changed much since the last update (11 sell, 10 neutral, 5 buy)
Our medium-term level to monitor for a potential signal of another rally right now is at $7000. The level to watch over the short to medium term on the downside is still around $5750.
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