Daily
Oh dear. Cue the violins and the audible screams. We have had an absolutely bloody week. The anticipated area of support and consolidation collapsed without too much fuss. We lost the Tenkan and Kijun but remain in the cloud for now. Best case would be to ride the bottom of this cloud until we hit support at $6800 USD where we should surely see a bounce.
If we do bounce, we need to re-establish the Kijun and the green box for consolidation. Keep in mind that even though the Stoch has essentially bottomed out, the RSI still rests in the neutral zone with downward tendency. We've got a long way to go.
4 Hour
As I mentioned, the past several days have been a kick in the teeth to the bulls with long red candles down and weak green candles. We may most likely need to test $6800 USD support soon. Should that break, look to $6200 USD as the next support to test.
Stoch and RSI rest in oversold, but we will probably see on emore leg down into $6800 USD territory if we do not rebound back above $7000 USD and hold.
Posted from my blog with SteemPress : http://coinsholar.vornix.blog/2018/08/05/btc-usd-more-blood-in-the-streets/