BTC Price Analysis - August 24, 2018
At the time of writing, BTC price is currently sitting at $6507.
Unfortunately for BTC (and for most coins for that matter), the Bart pattern seems to be prevailing these days, with BTC ranging from the support at $6310 to the resistance at $6600. Right now we're near the resistance level, but we seem to be heading down a bit after rejection towards the upper levels. We previously mentioned that ideally we'd see BTC consolidate a bit at these levels before another test of $6900, and that's exactly what BTC has done. Even though no one likes to see ranging for this amount of time, this COULD be a good sign (as opposed to driving down below $6000, that is...).
Once again, the best game in town seems to be to wait and see what BTC decides to do, while adventurous souls could potentially see an opportunity for a short scalp from here down to the next support level at $6310.
On the upside, we'd be looking for a clean break above $6600 that might possibly signal another test of $6900 before considering $7100. On the downside, below $6230 or so (the stronger of the two support levels indicated on the chart) and we're looking for a ride down to the $5900-$6000 level.
On the daily chart for BTC, technical indicators give a bearish outlook (10 sell, 10 neutral, 6 buy)
On the weekly chart for BTC, technical indicators give a slightly worse outlook 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 $6900. The level to watch over the short to medium term on the downside is still around $5750.
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