Bitcoin Price Analysis: Bears in Danger

Bitcoin Price Analysis: Bears in Danger

Anyone who hasn’t been living under a rock for the past 24 hours is probably more than well aware of the crazy price movement that has occurred in the crypto space recently.

Thus, an update on the price of $BTC is mandated at this point.

Bitcoin Price Analysis

So, let’s just start by recapping what happened today to bring us up to speed:

https://www.tradingview.com/x/dIZm3tks/

There was consolidation for a period of time in the $6.2k to $6.3k range for a few hours going into August 13th, 2018.

Then the price hit the mini-uptrend support that had been established since August 11th, 2018, before eventually heading up to test the upper portion of the trading range ($6,500).

https://www.tradingview.com/x/CLhOoLfR/

From that point moving forward, the price depreciated by a full 8%, seemingly spontaneously throughout the rest of the day.

So, overall, there was a lot of volatility surrounding Bitcoin during August 13th, 2018.

Current Price Action (at the time of writing)

So, at the time of writing, it appears as though the price has been relegated to consolidation in the low $6k region after temporarily dumping to below $6k for a few minutes.

Currently the RSI is heading from the oversold region on the 1H chart (which you can see above), which may be foreshadowing of some sort of impending relief for bulls which were hammered down all the way to their final frontier (support at $6k).

The overhead resistance is at $6.1k.

Conclusion

The price could drop further from this point to the lower resistance of $5.7k.

However, it could bounce up from this point.

In my opinion, the price must be examined for a bit longer before any definitive price movements can be made.

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