Technical analysis Bitcoin. BTC-USD on July 27, 2018July 30, 2018
Bitcoin has touched the mentioned 7800 level during the fall and got an impulsive bounce. Now the market is testing the resistance again at 8200, but doesn’t show many possibilities to overcome it, probably, we will continue to fall within the correction pullback of the last growth, that is why it is risky to open the longs since this moment.
In order to consider the positive scenario of the further development, we need to consolidate above the resistance 8500 (it is not enough strength for this now), in this case, we can consider the scenario of the further growth even to psychological price point 10000.
On 28th of June we quite accurately have indicated the direction of the first wave of growth (since our recommendation post Bitcoin price has increased by +37%), but the market managed to break the resistance of the downtrend and try to consolidate above 8000 indicated earlier, which gives an opportunity to consider the scenario of the breakout correction (pullback not lower than the trend line, which is important and crucial support now for the further marekt movement) and the bounce with the further wave of growth.
On the week timeframe, the bullish flag is still actual, Stoch RSI is very bullish with a good margin for further growth, MACD can start to cross and go up. I.e. on the higher timeframe the market looks bullish and ready to grow, however on the middle and small timeframes it needs a correction, we need to breathe and find the strong support before moving further.
In order to save the further growth possibilities, Bitcoin needs to hold now lower than the indicated support level, on the 6 h timeframe, otherwise, we will get a high possibility to continue the global downtrend.