Technical analysis Bitcoin. BTC-USD August 06, 2018August 7, 2018
The chances to continue the movement in 4800-8200 range is still actual as we mentioned in the previous posts, 8200 is too strong resistance (Fib 0.618 level).
The price breaks the upper edge of the pattern and moves down, the support appeared to be weak, the market can continue following the downtrend.
Oh 2 hours timeframe we can clearly see that that market has chosen the negative development scenario and touched the indicated target zone marked on 4th of August. We still have a possibility to move to 6800 zone from which we can get a small bounce as a correction of the last wave of fall. We need to watch the asset behavior further: on 3 day timeframe there is a possibility of a bearish trap (the current fall can be the false breakout down and the market is ready to overcome 8200 and to move higher), or we can stay in the global downtrend and the end visible support and the reversal level on this stage is still 4800 (the resistance on Fib 0.786).