Update on Bitcoin. BTC-USD August 09, 2018

#BTC 1d

Rather strong and impulsive fall, the price has broken Fib 0.786 from the last wave of growth and trying to consolidate on the current level. As we have come back to our last pattern, in our previous posts we warned about the deeper fall with the possibility of a bounce on the current levels. Now we can move up (Stoch RSI is oversold and starts to bounce, there is a strong amplitude of the price oscillation, on the middle timeframes RSI is bouncing from the oversold area) and test the upper edge of the pattern. However, we are still in the downtrend on the 3 days and now the market is ready to move down.