Bitcoin Analysis 08/19/2018

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Bitcoin Analysis 08/19/2018

Posted on August 18th, 2018 in Technical Analysis by Ryan Warner

Bitcoin has been seeing the bulls taking interest and bear exhaustion since dipping under $6000. With Bitcoin hitting the resistance at $6600 where are we going from here?

Bitcoin continues to face strong resistance from the bears at $6600 and has been unable to move above the level with intensity and sustain for several days. Though looking at the RSI and CCI indicators Bitcoin bulls appear to be gathering support near $6300 and a new push by the bulls is likely in the works. If Bitcoin manages to break and sustain above the $6600 level it is likely to move up significantly to the next resistance level of $8000, and perhaps even a push to $8500.

With Bitcoin unable to sustain above $6600 for several days buyers can enter into Bitcoin with half the usual position with a tight stop loss of $5900.