Technical analysis Bitcoin. BTC-USD August 18, 2018August 20, 2018
Despite the possible formation of the uptrend wedge, on the small timeframes, the price looks rather bullish. We can notice the strong resistance near 6625 level, which the market tries to overcome many times. Now Stoch RSI is bouncing from the oversold area and can move higher, that will give a chance to make the price test 6625 level. The breakout from this resistance will push the market to the next target zone near 6835. However the small timeframes can mislead and demonstrate the odd “noise”, thus we pay attention to 1 day timeframe: Stoch RSI is still very bullish and MACD can cross and move higher that will give the opportunity to push the price up for some more time.
From the negative point of view, on 4 hours timeframe we can see the formation of the pattern, if we break out from the down edge of it, the market will follow the downtrend and the growth during the recent days may turn out to be the correction of the fall but not the background for the further global reverse and the lower levels are waiting for us there.