Bitcoin Technical Analysis (BTC) 6 August

  BTC Technical analysis: international participation in the exchange of open doors for ETF SEC approval Bitcoin
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Opening of international open door exchanges for the approval of ETF SEC Bitcoin [19659004] Even with the involvement of international exchange and prospects of buying coffee from Starbucks using Bitcoin, there is literally no support for Bitcoin bulls (BTC). In fact, week by week, Bitcoin is down 14 percent and when we consider a top-down approach, we could probably see further Bitcoin losses (BTC) this week.

Highlights

  • CNBC's Fast Money is proving to be a reliable source of bullish Bitcoin news. Well, Brian Kelly is one of the Bitcoin bulls around. In its deductions, the International Exchange (IE) news in collaboration with Microsoft is perhaps the most important news of the year and underlines that this will open the door to Bitcoin's ETF. The recent application of the Winklevoss twins has been rejected by the SEC for the second time and Bitcoin Futures is more used for coverage and not open to many people.
  • UBS, the Swiss Financial Bank, is confident that Bitcoin will eventually replace the FIAT as DOLLARO STATUNITENSE. However, before this happens, prices must increase by $ 200,000. Alternatively, the Bitcoin network should develop and implement high-level solutions for downsizing purposes.
  • There is a new WooCommerce plugin for WordPress released by CoinBase that will allow Internet users to make payments in Bitcoin and other three coins, including Litecoin. This will only be possible once the administrators have completed the website.

Bitcoin Technical Analysis (BTC)

Weekly Chart

  Bitcoin Technical Analysis (BTC)
Click here to view the weekly chart Bitcoin complete with Trading View

When we paste a simple Fibonacci retracement tool among the lows of 2017, we note that the prices of Bitcoin (BTC) are down by 70% compared to the peaks. However, from the way candelabra are created, BTC could end up losing more, clear key support lines and even down to $ 5,000 assuming bears keep the same pace.

We can make these judgments by the reaction of Bitcoin prices to our main resistance trend line in the weekly chart.

Here, not only are we witnessing a double-bar reversal pattern but there is a bearish wrapping pattern that accompanies last week's closure. This seems to mirror events in early March and May, and then, after printing the same models, BTC's prices plummeted to $ 4,000 average.

Now, following the same assumptions, Bitcoin prices are around $ 1500 after testing $ 8,500 per week Ends July 29th. So, in any case, the odds are stacked against the Bitcoin bulls (BTC) and for buyers who need to be in charge then we need to see a break at high volume and close above $ 8.500. This seems unlikely unless something extraordinary happens.

Daily Chart

  Bitcoin (BTC) Technical Analysis
Click here to view the full daily chart of Bitcoin (BTC) for Trading View

In this period of time, on August 4, the portentous candelabra is lurking.

Not only did it fall below the upper limit of our buying zone to $ 7,200 but its high volumes could, after all, set a precedence for sellers and perhaps limit Bitcoin prices in the coming days.

From our latest business plans of Bitcoin (BTC), we said we can start buying from $ 6,800 to $ 7,200, however, for that to be true, we could see it close above $ 7,200 and even the 4th candlestick.

If this were not the case, and for whatever reason prices would drop below $ 6,800, then we will run out of arrests at $ 7,200 and target $ 6,000, our main line of support as above.


Disclaimer: The opinions and opinions expressed are those of the author and are not investment advice. Trading any form involves risks, as well as your due diligence before making a commercial decision.

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