BTC Technical Analysis August 27: BTC Is Testing to Make a Breakthrogh

As mention in Coinness BTC Technical Analysis on August 26th, BTC eventually stood upon a new support level ($6483). BTC now is swinging above the new support level and testing to make a breakthrough.

On the daily chart, the gap between up line and down line of Bollinger Band has been narrowed in the past 24 hours. BTC passed through the up line, and now is testing a higher price.
Currently, BTC faces 38.2% fib at $6,870 after it holds the new support level firmly. The leading cryptocurrency began tesing new pressure level at the beginning of August 28th, and its price was once up to $6,943.10 (citing data from Binance).

Though the trend looks stabilized, BTC still has trouble breaking and rebounding effectively. Thus, it seems that the cryptocurrency needs more power to make a breakthrough.
On the 4-hour chart. BTC has gone cross the up line of Bollinger Bands. Two lines of MACD forms the golden corssing, which indicates that BTC might continue to test pressure level in the short term.
However, RSI speaks oversold, suggesting that the upward trend is hard to sustain, let alone the breakthrough. In the short run, the price will keep swinging and testing.

To sum up, the stablized uptrend of BTC has weakened the bears gradually. The bulls will come on stage. For the bear market does not come to an end, thus the bulls are unable to control the market.

If BTC is capable of breaking $7,000 level, a new situation will appear.

If the price closes above $6,870, the cryptocurrency will go up to a higher place, while it closes below the support level ($6,483), a bearish trend may come.

Coinness Market Index shows that BTC now marks $6,913.21, with a 24-hour increase of 2.66%.

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