Technical analysis Bitcoin. BTC-USD August 11, 2018August 12, 2018
On 1 day timeframe, the market is too oversold: Stoch RSI was trying to press through its bottom edge and now starting to bounce, RSI is in the oversold area from which it can reverse. The strong support meets us near Fib 0.786 level within 4800-5000, but the market cannot fall down to these levels without the visible correction of the fall (bounce or a flat), Bitcoin has lost 29% of its price for the last 17 days. The price is getting closer to 6000 price point not for the first time and it is important that have not gone lower which tells about the strong support on this level. Until the daily candle closes below this level we still have a chance for the further positive development, otherwise, the closure of the candle below will indicate the possibility of the further fall.
On 1 day timeframe MACD is trying to make a reversal and take the further bullish character, RSI on this timeframe is getting closer to the oversold area and now is near its recent minimum price point of this year (the market was in this range on August-September 2015). In general, if to look at the high timeframes, we can make a conclusion that we can fall a bit more, but the reverse is close.
The high timeframes indicate the possibility to buy, as we can see a rather big selloff (without any correction), the oversold condition and the possibility of a bounce, but we leave open the possibility to go a bit lower. Bitcoin is still under the manipulation, the anomalistic selloff is caused by the desire of the big players to enter the market, we can see big volumes during the selloffs but on this background, we can see the buys that top traders make. The upcoming ETF that was postponed to the 30 of September can create the positive news background that will cause the expected price growth. If the asset goes into flat it can give a good opportunity for the impulsive alts’ growth, the more stable the BTC price the more chances for alts show their possibilities.