Technical analysis Bitcoin. BTC-USD August 08, 2018August 9, 2018
The important and strong supports have been broken and now the market has more chances to continue the fall. As we can see on 1 day chart we have come back to the pattern and can follow to its bottom edge where the new important and strong support can meet us on 5800 level. Stoch RSI is too oversold and is ready to bounce that can positively affect the market development pushing the price up, but now there are not enough possibilities to break the resistance of the upper edge of the pattern. MACD is ready to continue the fall and RSI can go to the oversold area and stay there for some time, thus we can see the possibility to get an impulsive bounce from the current levels but there may be not enough strength for breaking the resistance and further growth, most possibly the market will continue to fall down. We can see more details on 4 hour chart where the key supports and resistances are marked. Now we are near Fib 0.786 level which is often the reversal level for most of the assets. If to consider the positive scenario, first we need to overcome the resistance 6800 and then 7200 in order to start the global growth. On 3 days timeframe, we are still between Fib 0.786 and Fib 0.618, the market is still following the downtrend; MACD, SrochRSI, RSI and DMI do not demonstrate the possibilities of the further growth.