The night of may 10. August 11. August tested the Bitcoin-rate this 6000-US-Dollar-Limit. The middle of July, which started in flight, finds this to be the end. A look at the Chart leaves open the question of a hoped-for Reversal.
The bearish variant of the rate analysis from Wednesday seems to be in force: The price of Bitcoin is not only 6.370 US Dollar, but at least temporarily, below 6,000 US dollars have fallen. Thus, since July, followed a Rally will now take place and the rate is right back where he was in the middle of July.
Of reasons you can speculate, again. Recently, one Analyst has named the Falls under the YTD-Support in order to 6,300 U.S. Dollar as the point of no return. Although the prospect of “irreparable damage to the Bitcoin exchange rate could be” a catalyst for greater sales, but one wonders why a serious Investor on such apokalytische forecast should hear.
Is: According to the above-linked rate analysis, further Minima down to about 5.400 US dollars. This assessment can be confirmed in the daily chart when looking at the long-term trends:
A first Support is described by the rate minimum of the end of July, in the case of 5,845 US dollars, a further Support by the since the end of January Triangle Pattern (blue). A glance at the indicators shows that the MACD is negative and falling, the RSI only just above thirty and so a total of a bearisher impression.
For the Bitcoin price depends, as in the above-linked rate analysis from the Thursday, it was stressed, much to the Hold of the Support in the case of 5,845, $ 20. This Support prevents losses of up to nearly 5.400 US dollars. With the overall bearish impression, the question of whether this Support holds at all.
For this reason, would be currently Opening a Short Position. As the Entrypoint of the Support at 5.840,20 of US would take dollars, as the Target of the second Support at 5.336,41 US Dollar and the Stop Loss at the current $ 6,000. The course the 6,000-US-Dollar-line or at one of the above-mentioned Support bounce should be a Long Position. Here 6.500 US dollars would be as an entry point, and the Loss of 6,000 US dollars as a Stop and the two Resistances as Targets offer.