BTC Price Analysis - August 20, 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 $6415 after some push upwards since yesterday. However, we're still ranging...

After BTC broke down from that ascending triangle, it really hasn't come down much, and seems to have found pretty good support at $6300-$6310. As we expected, it did test that support a couple of more times over the past 24 hours and it's so far holding pretty well. On the upside, we'd look to see if BTC can gather enough momentum to retest the $6600 resistance it has been struggling for the third time. If it breaks through that, we'd be looking at $6800-$6900 next. HOWEVER, that being said, we'd like to note that the ton of money looking to short at exactly $6650 and $6700 that we saw over the past couple of days is just not there anymore, so a break above $6600 looks like it might have a better chance of holding. The level where it looks to have the highest chance of getting shot down above $6600 would now be $6800-$6850.

However, on the downside (because everyone needs some pessimism daily!) we'd look to see if BTC can hold the $6310 support for longer and if not, $6230 next. And just like we said yesterday, 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 daily chart for BTC, technical indicators are slightly worse from yesterday and give a bearish outlook (16 sell, 9 neutral, 1 buy)

On the weekly chart for BTC, technical indicators give a slightly better outlook but still bearish overall (12 sell, 10 neutral, 4 buy)

Our medium-term level to monitor for a potential signal of another rally is still$7130. The level to watch over the short to medium term on the downside is around $5750.

As always, if you have any questions, don't hesitate to reach out via email or through our Telegram group! (links below)

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