Bitcoin Analysis 08/25/2018

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Bitcoin Analysis 08/25/2018

Posted on August 25th, 2018 in Technical Analysis by Ryan Warner

Bitcoin has been lingering in a tight channel for days. The bulls and bears both seem to be waiting for the other to make a move. Where do we see the price action leading?

Bitcoins sideways trend has remained quite consistant since August 9th with neither the bulls nor the bears making any great effort to shift the price. 

The last three days have seen Bitcoin rising in price, but this could be short lived. Bitcoin is currently hitting support turned resistance at $6800. Without a volume increase from the bulls Bitcoin is unlikely to move beyond $6800 more or less the more solid resistance of $7400. 

Without some kind of effort from the bulls it's likely that the bears will again try to push the price of Bitcoin below $6200 which, if successful, could see Bitcoin fall to the next support line near $5700.