08 Aug 18 - Bitcoin Snapshot

in #bitcoin6 years ago

4H Chart - Price Key Points:

  • Triple declining continuation at approx $6999, $6717 and $6589 respectively.
  • Temp base at $6457.
  • RSI and Stochastic RSI attempting to bottom.
  • MACD with a bearish cross.
  • Volume hints that confidence is significantly weakened.
  • Possibilities increase for another leg down.

08 Aug 18 - BitStamp - BTCUSD.jpg

Possible Scenarios:

Long: On a confirmed break above $6584 – Price Target $6804 | Probability: 30% | Signal Strength: 2/5

Neutral: Price Range $6370 - $6584

Short: On a confirmed break below $6370 – Price Target $6064 | Probability: 41% | Signal Strength: 4/5

Our Stance: Neutral to short.

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