Hi everyone! Here’s the most unexpected fact of the day – there’s just a month left until the end of the summer. As always, we will take a look at the market.
As mentioned in our previous review, the price did not recuperate and started going down. At present, the low at $9084 still hasn’t been renewed, but there were attempt to break through this barrier, which is evident on the chart. The $9100–9084 range is currently serving as a barrier to further reductions.
Situation on the hourly chart
On the hourly chart we can clearly see the levels containing the price:
- resistance level: the $9675–9740 range, $10 200, $10 700 and $11 000;
- support levels: the $9400–9300 range, $9100.
From a technical perspective, everything is pointing towards further reductions. The MACD is in the negative zone. Moving averages are above the price with a downward trajectory. ЕМА50 ($9526) serves as a local resistance level.
What about the daily chart?
The situation on the daily chart is ambiguous. EMA50 is still above ЕМА100, which indicates future growth. However, the MACD has turned downwards and is now in the negative zone. The price is between the moving averages, which serve as resistance and support levels (ЕМА50 — $10 000 и ЕМА100 — $7920). In this situation, entering the market is a risk.
Will there be growth?
There is potential for growth, with several caveats: if the price is not contained in the support range of $9100–9084, the bears will easily lower the price of Bitcoin below $9000. In that case, the first target will be at $8900. The graph is unstable, as the movement of the price is accompanied by sharp ups and downs. Now is not the best time for trading, so go out and enjoy the last month of the summer instead! We are wishing you an amazing week and high profits!