Bitcoin analysis: More downside possible
Previous (https://coinanalyst.investments/2018/08/22/bitcoin-analysis-3/) and current Bitcoin analysis is provided on a 4 hour timeframe. Price action between resistance ($8,656.90 and $8,362.20) and $5,757.60 is identified as a horizontal channel for Bitcoin.
This implies that more sideways movement can be expected between both extremes until there is eventual resolution in price action (bull or bear). A bullish price channel captures the sluggish movement of price action from August 14, 2018 to current and is crucial for monitoring further development.
A break below ~$6,565.10 especially means that price returning back to and moving below $5,757.60 cannot be ruled out. On the other hand, a break above the upper line of the channel could see Bitcoin advance towards current resistance.
Interested in Cardano(ADABTC)? Checkout the analysis below:
https://steemit.com/cryptocurrency/@cryptotrader0029/cardano-price-analysis-chart-pattern-and-actionable-trade-idea
We are not praying for downturn, the price is kicking because of the expected review of the bitcoin ETF by SEC this month, we pray for something positive to keep the trend upward.
I do understand what you mean and it is great to be optimistic. However, remember that the market is a pool of mass psychology and you want to do what is best for your OWN money. That decision has to be more than just praying or wishing for news. Hope this helps. Let me know if you have any more questions or comments. Thanks