BTCUSD - 1D Chart Analysis
Updated
After testing twice the support level of 6023$, the price was in a slight comeback with the bullish trend being confirmed once the first candlestick above the 20 days Moving Average was a green one.
If we consider the same principle, we can see how the market is on a downtrend, after it has reached the highest value of 7431$ and the first candlestick which was created below the 20 days Moving Average is a red one, which means that the bearish trend can last longer.
This is also confirmed by the technical indicators as it follows :
* The price is between the 20 days moving average and the lower band of Bollinger
* Both, RSI and Stochastic are between the neutral areas and oversold positions
* The MACD line just crossed the Signal one
If the market will follow the technical indicators, the target prices can be :
1. 6128$ - the lower band of Bollinger, situation in which the price will be "oversold"
2. 6023$ - the support level which was tested on the 10th and on the 11th of August
3. 5812$ - the second resistance level
If we consider the same principle, we can see how the market is on a downtrend, after it has reached the highest value of 7431$ and the first candlestick which was created below the 20 days Moving Average is a red one, which means that the bearish trend can last longer.
This is also confirmed by the technical indicators as it follows :
* The price is between the 20 days moving average and the lower band of Bollinger
* Both, RSI and Stochastic are between the neutral areas and oversold positions
* The MACD line just crossed the Signal one
If the market will follow the technical indicators, the target prices can be :
1. 6128$ - the lower band of Bollinger, situation in which the price will be "oversold"
2. 6023$ - the support level which was tested on the 10th and on the 11th of August
3. 5812$ - the second resistance level
Note
1H Chart Analysis:Bollinger bands getting squeezed, Is something is about to happened?
Speculators aiming towards 6500
Note
6500 Target reached, but Resistance 1 remained unbroken.Note
Bitcoin is testing Resistance Level 2, no breakout yet.Speculators remain bullish.
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