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Bitcoin analysis (13/08/18)

Bitcoin tested the 6,000 USD mark over the weekend. After that, there was a rebound. Currently, BTCUSD is trading at around 6,471 USD on the Bitfinex exchange.

If we look at the graph, we can see that bitcoin once again bounced off the bottom line of the descending triangle, which is at 5,800 - 6,000 USD.

Theoretically, the bottom line of the triangle at the moment is acting as a support for BTC. However, I wouldn't go as far as to say that it cannot be broken. If this line is broken, then the bearish bitcoin sentiment could greatly increase, and we could see significantly lower levels, for example, 5,000 USD, 4,500 USD, 4,000 USD, etc. I'll keep an eye on the bitcoin schedule, and if there is a solid bearish signal, I'll be sure to write about it.


Forecasts which are made in the review constitute the personal view of the author. Commentaries made do not constitute trade recommendations or guidance for working on financial markets. Alpari bears no responsibility whatsoever for any possible losses (or other forms of damage), whether direct or indirect, which may occur in case of using material published in the review.

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