Channel Down continuation. Short.

٦ أغسطس ٢٠١٨

Bitcoin ultimately broke the 7,000 psychological support on 1D on a +30K volume (volume sustainability). 4H is now a tight Channel Down (RSI = 36.141, Highs/Lows = -12.9901, B/BP = -99.7679) making its Lower Low at 6,890.2. Yesterday's 1D Doji Star Bullish reversal candle, being only on bearish technical action but MACD = 75.500, can only lead to a Lower High at 7,174 or at worst a 4H Resistance test at 7,242.40. The (blue dotted) resisting line drawn from the recent 8,500 Top on 1D is applying heavy selling pressure (Highs/Lows = -484.4056, B/BP = -692.7361), which should be enough to keep any uptrend attempts contained. With 1W again a sell (MACD = -461.300) and closing last week on -14.95% in losses, it is only supported at 5,808.20. BTCUSD TP stable = 6,855, 5,617.40.