Bitcoins: will be cryptocurrency to 8 000$
On Tuesday, July 31, trades in bitcoin closed down. The first coin from the top fell against the dollar by 5.46%. The trading volume for the day amounted to $5.8 billion, including the purchase left $2.6 billion, on sales of $3.1 billion.
Summer sale started in the European session. After Bouncing from $7842 to $8219 buyers are “blown away”. They tried to stop the fall in the price of $7990, $7920 $7620. Short-term bounces went to the market with market orders at $7720 $7750. All their attempts failed. Today in the Asian session, the rate fell to $7461 for bitcoin.
I was expecting a shift upward motion on August 1. Buyers apparently were afraid of heights and decided to go out earlier from the market. Below $6 thousand really, really wanted to (this expression is from English. “to the Moon”, which means “the moon”, and in cryptosuite used when market participants believe that bitcoin will grow), and about $8.5 million – change your mind.
What will be the rate of bitcoin in the coming days?
The indicators point to a further weakening of the bitcoin prices. At the time of writing bitcoin is worth $7551.
Factors in favor of the “bears” on the market:
1. In Asia has broken support that earlier before the breakout of the trendline TR2 acted as a resistance. The line is drawn at the lows $5855 (05.02.18), $6404 (01.04.18) and $7060 (29.05.18).
2. In cycles 1 Aug bullish phase needs to be changed to “bearish” and will last till 23 Aug 2018.
3. AO, AC, CCi and the oscillator is pointing down.
Factors in favor of buyers:
1. The correction was 38.2% of the upward movement with $5743 to $8487.
2. The price reached the lower channel line (dotted line on chart).
• Test TR2. For a true breakdown of the trend line, according to the classical approach to the analysis, the price should go back to it and start a new rally.
If the pressure on bitcoin in the coming days will increase, buyers will need to protect the $6800 or rally at the end of the year to forget. Closing the day below the $7300 will record a false breakout TR2. Necessary for the growth of the pair XBT/USD above the line until 23 August.
Previously, we reported that if the bulls can’t gain a foothold above $8300 to 21.00 UTC on July 31, then we should expect another collapse BTC. Only this time, the market may not return to $8 thousand