BTC Price Analysis - August 19, 2018

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BTC is currently at spot #1 in terms of total market capitalization.

At the time of writing, BTC price is currently sitting at $6370 after some decent retracement since yesterday.

If you recall, yesterday we mentioned that IF we took that chart pattern to be an ascending triangle, BTC needed to make a move one way or the other before it completely fills. And it did!

Looking at the 1H chart, we can see that BTC broke the dynamic uptrend it had previously formed and thus invalidated the ascending triangle pattern. However, by breaking down, it also found new temporary support in the $6300-$6310 range. Unfortunately though, as it has been the case over the past week, it looks like it's just gonna be more ranging for now. However, on the downside, we'd look to see if BTC can hold the $6310 support it looks to be forming (perhaps a couple more tests are in store for us), but if that doesn't hold, we'd look at $6230 next. Below that, though, and it's really no-man's land; will it bounce back again after reaching $5900? Will it go below July lows? No one knows.

On the upside, and since testing of resistances seem to come in threes these days, we'd look to see if BTC can gather enough momentum to retest the $6600 resistance it has been struggling, although now would be the third time. If it breaks through that, we'd be looking at $6800-$6900 next. HOWEVER, that being said, note that there is a ton of money looking to short at exactly $6650 and $6700, so we might see a fake breakout to these levels and then a hard rejection following that.

On the daily chart for BTC, technical indicators are almost unchanged from yesterday and give a bearish outlook (14 sell, 10 neutral, 2 buy)

On the weekly chart for BTC, technical indicators give a slightly better outlook but still bearish overall (12 sell, 9 neutral, 5 buy)

Our medium-term level to monitor for a potential signal of another rally is still$7200. We still maintain that the level to watch over the short to medium term on the downside is around $5750.

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