BTC Price Analysis - August 18, 2018

Hello all! Hope everyone is having a great weekend so far :)

BTC is currently at spot #1 in terms of total market capitalization.

At the time of writing, BTC price is currently sitting at $6500, the level it keeps retracing to after every assault on the $6600...

Looking at the 1H chart, we can see that BTC is still going on that dynamic uptrend that BTC has created over the past few days. Earlier today it has done a 4th attempt to break through $6600 but got shot down again.

IF (and that's a big if) we take this chart pattern to be an ascending triangle, then BTC really needs to make a move one way or the other before it completely fills. Over the past two months, patterns similar to this one played out in multiple ways. One possibility would be to break upwards and that's it. Another possibility would be to break up on a big green candle and then gets shot down and rejected HARD by everyone taking the opportunity to short from higher at a key level (in this case perhaps $7000). Best case scenario would be that it breaks upward but not in one big green candle, but just shows enough momentum over the course of a day or something and then consolidates.

On the daily chart for BTC, technical indicators are unchanged from yesterday and give a bearish outlook (13 sell, 10 neutral, 3 buy)

On the weekly chart for BTC, technical indicators give a slightly less bearish outlook similar outlook (12 sell, 10 neutral, 4 buy)

Over the medium term, the level we'd be monitoring (for the time being) that might signal another rally would be $7200. We still maintain that the level to watch over the short to medium term on the downside is around $5750.

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