Bitcoin Price Intraday Analysis: BTCUSD Recovers on Weak Upside Promise

Bitcoin Price Intraday Analysis: BTCUSD Recovers on Weak Upside Promise

The Bitcoin market on Wednesday attempted a decent bullish recovery, extending the recent marginal gains to an impressive 10% upside from the previous lows.

The Asian trading session witnessed an influx of buying orders in an attempt to pierce through $6,500-resistance. As we hiccuped through the European course, the bullish sentiment weakened and pulled the price almost $200 down. The US session, however, is attempting a bounce-back at the time of this writing, though with fragile bull support. We can notice a powerful selling sentiment around $6,500 the price has reversed its uptrends before around there owing to a robust bearish bias in medium-term.

BTCUSD Technical Analysis


We can see the BTC/USD forming an accurate ascending trendline to indicate near-term support. The pair has already jumped above its 100 and 200H moving averages. The RSI and Stochastic indicators, at the same time, is hinting another move towards the overbought area. We also notice that BTC/USD is now inside a medium-term consolidation channel, indicated by two rectangular bars in the chart above. Both the support and resistance areas are proving to be much stronger than anticipated, pushing BTC/USD in a medium-term bias conflict.


Nevertheless, on the daily chart, the current consolidation pattern is preceded by eight red candles. We are surely closer to testing 5754-fiat, the Junes low, again should the bearish momentum extend. There is also a potential Head and Shoulder pattern in the formationwhich, in the near-term, could push the Bitcoin price towards 6850-fiat.

BTCUSD Intraday Analysis


Coming to our intraday analysis! The latest price action has brought us inside a new range, which is defined by 6500-fiat as our interim resistance and 6289-fiat as our interim support. This is the range we will be watching for the rest of the US trading session.

We are first waiting for a pullback (sorry, bulls!). The 6500-6500 resistance area has rejected previous upsides three times in a row. So, our near-term probability, coupled with the overall bearish bias of the market, prompt us first wait for a pullback from resistance and then put a short towards 6289-fiat, our support. Meanwhile, a stop loss 3-pips above the entry position will ensure we dont lose much in case the upside recovery extends.

We wont be putting a breakout position until the price breaks above 6550-fiat. Should it happen, our primary upside target will be towards 6620. Like always, a stop loss 2-pips below will protect us in case the bears wake up on an uptrend.

Coming back to our range support at 6289-fiat, we will be first waiting for the prevailing consolidation to validate itself. Should the price hint a bounce back, well put a long position towards 6500-fiat while keeping a stop loss 2-pips below the entry point. In case of a breakout towards the south, we will put a short towards 6189-fiat while protecting our trade by keeping a stop 2-pips above the entry point.

Featured image from Shutterstock.Charts fromTradingView.


Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
15.08.2018 / 11:10 76
Bitcoin Price Intraday Analysis: BTCUSD Falls to Lowest since June Bitcoin Price Intraday Analysis: BTCUSD
Bitcoin continues to extend its downward momentum on Tuesday, lately falling to its lowest trading since June this year. The BTC/USD today opened at
Bitcoin Price Intraday Analysis: BTCUSD Hinting Another Bear Flagpole Bitcoin Price Intraday Analysis: BTCUSD
The short-term gains can never compensate for the long-term losses. So it seems from the latest Bitcoin price action which, during the weekend,
Bitcoin Price Intraday Analysis: BTCUSD Undergoes Bullish Correction Bitcoin Price Intraday Analysis: BTCUSD
The bitcoin price in the past 24 hours has undergone a much-needed bullish correction, rising about $500 since establishing an intraday low around
Bitcoin Price Intraday Analysis: BTCUSD Bull Pennant Formation Bitcoin Price Intraday Analysis: BTCUSD
The Bitcoin price regained some of its lost value on Thursday following a small but noteworthy correction. The BTC/USD pair yesterday established a
Bitcoin Price Intraday Analysis 7/8/2018: BTCUSD Awaiting Breakout Bitcoin Price Intraday Analysis
Opposite to what we expected in our previous analysis, Bitcoin has not attempted to extend its bearish momentum, at least in the last 24 hours. The
Bitcoin Price Intraday Analysis: BTCUSD Forming Bearish Pennant Bitcoin Price Intraday Analysis: BTCUSD
Bearish bias stayed for dinner, and it now wants to stay the night. There is no stopping to the prevailing selling sentiment in the Bitcoin market.
Comments (0)
Add a comment
Comment on