Technical analysis Bitcoin. BTC-USD August 21, 2018

August 26, 2018

#BTC 12h

The market continues to go sideways despite the bullish divergence we got recently. The actuality of the positive scenario increases with the formation of the possible reversal pattern diamond as well as the breakout through the resistance of the downtrend. But let’s not forget about the recent cross of MA50 and MA 200, in this case, a death cross that shows the desire to move down. Anyway, while the market is in sideways movement it is very risky to open the long-term trades (longs or shorts) from the current levels. We can see the resistance at 6600 and 6800 levels as well as the support at 6100 and 5800. In general, the rice hold on this level tells us about the market desire to test the resistance not the support, but we cannot see the strong signals to buy and the market continues to move sideways.

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