Bitcoin: technical analysis
13 August 2018, 10:59
| Scenario | |
|---|---|
| Timeframe | Intraday |
| Recommendation | BUY STOP |
| Entry Point | 6500.00 |
| Take Profit | 6718.75–6875.00 |
| Stop Loss | 6375.00 |
| Key Levels | 5937.50, 6093.75, 6250.00, 6471.00, 6562.50, 6718.75 |
| Alternative scenario | |
|---|---|
| Recommendation | SELL STOP |
| Entry Point | 6230.00 |
| Take Profit | 6093.75, 5937.50 |
| Stop Loss | 6327.60 |
| Key Levels | 5937.50, 6093.75, 6250.00, 6471.00, 6562.50, 6718.75 |
Current trend
After an unsuccessful attempt to consolidate above the level of 6471.00, Bitcoin price was corrected to the area of the level of 6380.40. Despite a small pullback, the upward potential remains, confirmed by technical indicators. On the 4-hour chart, MACD volumes are reduced in the negative zone and are ready to cross the zero line. Stochastic is pointing upwards.
To continue the growth, the rate will have to consolidate above the level of 6471.00. In this case, it will be possible to achieve the levels of 6718.75 (Murrey [3/8])–6875.00 (Murrey [4/8]). The level of 6875.00 is a strong resistance, from which a reversal and the formation of a downward trend are possible. The return and consolidation below the support level 6250.00 (Murrey [0/8]), corresponding to the midline of Bollinger bands, will open the path to the area of 6093.75 (Murrey [–1/8])–5937.50 (Murrey [–2/8]), which is a strong support area the price cannot consolidate below since July.
Support and resistance
Resistance levels: 6471.00, 6562.50, 6718.75.
Support levels: 6250.00, 6093.75, 5937.50.
Trading tips
Long positions can be opened above the level of 6471.00 with the targets around 6718.75–6875.00 and stop loss 6375.00.
Short positions can be opened below the level of 6250.00 with the targets around 6093.75–5937.50 and stop loss 6327.60.
After an unsuccessful attempt to consolidate above the level of 6471.00, Bitcoin price was corrected to the area of the level of 6380.40. Despite a small pullback, the upward potential remains, confirmed by technical indicators. On the 4-hour chart, MACD volumes are reduced in the negative zone and are ready to cross the zero line. Stochastic is pointing upwards.
To continue the growth, the rate will have to consolidate above the level of 6471.00. In this case, it will be possible to achieve the levels of 6718.75 (Murrey [3/8])–6875.00 (Murrey [4/8]). The level of 6875.00 is a strong resistance, from which a reversal and the formation of a downward trend are possible. The return and consolidation below the support level 6250.00 (Murrey [0/8]), corresponding to the midline of Bollinger bands, will open the path to the area of 6093.75 (Murrey [–1/8])–5937.50 (Murrey [–2/8]), which is a strong support area the price cannot consolidate below since July.
Support and resistance
Resistance levels: 6471.00, 6562.50, 6718.75.
Support levels: 6250.00, 6093.75, 5937.50.
Trading tips
Long positions can be opened above the level of 6471.00 with the targets around 6718.75–6875.00 and stop loss 6375.00.
Short positions can be opened below the level of 6250.00 with the targets around 6093.75–5937.50 and stop loss 6327.60.
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