Forum Forums Bitcoin (BTC) Forecast – Technical Analysis Bitcoin (BTC) Price Analysis – August 2018

This topic contains 5 replies, has 1 voice, and was last updated by margincall margincall 3 months, 1 week ago.

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  • #18136
    margincall
    margincall
    Keymaster

    Just a few updates since my last Bitcoin price analysis, like I mentioned in the previous report $7000 is the key zone, and so far it seems that the bulls have been unable to break the ceiling. Lets take a look at the BTCUSD 1hr chart.

    btcusd forecast 31 Aug 2018

    Prices have broken out of the previous bullish channel, which is a bearish signal on the shorter term. The bulls will need the prices to consolidate above $7000 in order to maintain this momentum.

    The indicator is confirming the possible bearish trend forming, and clearly shows that the bears are in town and there is some selling to do. I would not get too excited as the volume is really low at this point and we need more sellers to step up, or prices will pop above $7k sooner than later.

    Support levels mentioned in my previous report are still valid, lets be patient while the bulls and the bears battle it out on the markets. Safe trades.

     

    #18131
    margincall
    margincall
    Keymaster

    Quick update on the Bitcoin market vs the US Dollar, after resistance broke yesterday, the bulls pushed the prices up to $6940, before the bears answered with some selling to do. Correction in the market here is quite possible as we are facing our next resistance zone, which is $7000 – $7200. Lets take a look at the 1hr chart.

    btcusd price forecast 28 Aug 2018

    On the shorter term the price action is testing the top of my bullish channel indicated on the chart, this also happens to be the next ceiling, bulls will have to push prices past $7k to get the fomo going in the market.

    We can see from the momentum indicator that we could turn bearish soon, on the shorter term speaking. Traders on leverage would be booking some profits and looking for the possible quick short, please note, higher risk trading.

    Should we face a correction here before we go higher, I would put support at around $6750 – $6800 on the short term, and $6600 should act as support on the medium term should the above mentioned levels fail.

    Should no new fundamentals creep in to spoil the party, I am expecting a bit of consolidation in this price zone before moving up. Trading range to look out for, $6750 – $6950. Should we consolidate above $7000, I would expect the market to possibly test $7200.

    On the flip side, should the bulls fail to keep prices above $6900, we will see some more corrections in the market. Safe trades.

     

    #18122
    margincall
    margincall
    Keymaster

    Bitcoin recorded some gains last week after the $6000 support level held for the BTCUSD markets. Most of the week was spent trading in the $6300 – $6500 range, the market had another nice little breakout that saw the sellers stepping in at around $6800, the third time this month.

    With all that said, i think we will find ourselves in a tight trading range between $6400 – $6800, this week for another round between the bulls and the bears. Personally I am prepared for a move in either direction. Lets take a look at the price action from the BTCUSD 30min chart.

    btcusd price forecast 26 Aug 2018

    On the very near term I will use this channel as a guide and trade the market accordingly.

    Near term support is at $6500 – $6550, this is the zone where higher risk traders are getting ready to play the possible bounce.

    Short term support is at $6400, and I will look to this price level to signal a bearish pay, higher risk traders could be looking at $6550 – $6500 and $6400, as possible levels to open some quick shorts on the market.

    Resistance is solid between $6700 and $6800, look towards these levels to signal the next leg up, or possible rejection of the current trend.

    Please remember that Margin trading and Crypto trading carry a significant amount of risk. Be sure to do your own research and consult a expert before entering any trades. Safe trades.

    #18096
    margincall
    margincall
    Keymaster

    Lets take a quick look at what the Big Bad Bitcoin market has been up too since my last report. The market failed to defend the $7000 zone and we quickly entered back into the 6k zone. Most traders were caught unaware by this move, however we were ready and our Premium subscribers had the call to go short should $7k fail. Lets take a look at the charts today.

    btcusd price prediction forecast 16 August 2018

    The market has started to form a higher low yesterday on the 4hour candle chart, MA’s have given the buy signal, however we can see that the momentum is clearly turned against the bulls for now. I would expect some more correction here on the very near term, I have support levels around $6200 – $6350 for the shorter term plays.

    Resistance is currently very solid above $6400 and the bulls will have to keep buying up the sell walls to get us above this zone, should they get shy we will surely test the lower support zone sooner than later. The Bitcoin market has seen good volume over the weekend and the start of this week, indicating that there is indeed a lot of open interest in the markets around these prices.

    To play this market safely, be patient and wait for consolidation above $6400 (assuming you are not long from lower prices), should the momentum favor the bulls as well, it could be a safe trade for some gains as volatility is quite high right now and we have experienced good movement in both directions the past couple of months.

    Feel free to join our trading community on Discord to discuss any of our trading ideas, or just crypto in general. Safe trades.

    #18038
    margincall
    margincall
    Keymaster

    Bitcoin is entering August with some nice volatility, and like I reported last week, sellers stepped in above $8000, market is correcting and we are currently back in our previous support zone. Lets take a look at the charts.

    btcusd price prediction 1 August 2018
    For fun and educational purposes I added a possible road of recovery in blue candles.

    Should we fail to consolidate above $7600 the market will test the lower support range. The price action has left the top part of the channel so this tells us that the momentum is strongly with the bears and there is a good probability that we will test the bottom part of the channel again.

    This green box would be the spot where the higher risk traders will try to buy in before the bounce, should all the fundamentals stay unchanged and momentum is in favor of the bulls. Like I stated last week, it is normal for markets to experience corrections after the % gains we experienced last month.

    Over trading is getting many day traders rekt at this point, be sure to do your homework before putting your hard earned cash into crypto trading.

    Safe trades!

    • This reply was modified 4 months, 1 week ago by margincall margincall.
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