Bitcoin still (in downtrend) and facing upside resistance

٢٢ أغسطس ٢٠١٨

Following the August 14th low, and prior attempt to break above the 400-day moving average at the end of July near $8500, bitcoin remains in a downtrend and still faces upside resistance. I've plotted two trajectories, and support seems to have been established on a line parallel to the median line (see white-dotted line) of the longer term bullish channel (see parallel orange dotted line).From here, the next barriers are again the 100, 200 and then 400-day moving average, before $8,000 is regained. I expect a stronger pullback if these resistance lines are not overcome, whereas a break above could accelerate today's momentum towards higher highs.