Ninjastic
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Board Trading Discussion
Re: Bitcoin news and technical analysis
by
Orville_Brown
on 10/08/2018, 06:06:42 UTC
Quote from: BitcoinCommodor on August 10, 2018, 06:00:27 AM
Quote from: darkangel11 on August 07, 2018, 07:48:15 PM
Quote from: Findingnemo on August 04, 2018, 10:38:36 AM
I also appreciate if someone can say the prediction of bitcoin prices for the current month. Smiley

A month is quite a long period for BTC, nobody goes that far with analysis. You can always consult a crystal ball if you believe in these things. The most basic analysis shows 6800 as lower support and 7150 as the short term upper support. If any of these break it will be followed by a bigger move. Going down would nullify inverse head and shoulders, showing that we still haven't had a real breakout and the bottom might not be in, while going above 7150 would suggest that the bottom is in and we are confirming higher lows.
 

Bitcoin price is getting a very strong support at that level. I think that the investors are too much confident about bitcoin at currency price. I think that they consider themselves too much safe at that level and therefore the bitcoin price is not going down anymore. It is expected now that very soon the investors will get more confident and they will surely start increasing their investment in bitcoin which will surely increase the bitcoin price too much.

Yeah it (hopefully) has found a floor here around the 6500 region. There is some support from previous levels a few months ago and a fib level. I don't think that there is further negative sentiment to drive it down at this stage, but you never know what might come out. Some major investment bank might just feel like calling bitcoin worthless once more.

Hopefully after this consolidation we can see some reversal patterns. I'd actually want to start buying soon because when it does reverse, it will reverse very quickly.