Bitcoin (BTC/USD) Market Exhausts Force, Attempts to Reverse
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Bitcoin Price Prediction – August 9
About some days ago, the BTC/USD trade operations began a recouping process from around $29,000, and now it has been recorded that the crypto market buyers exhaustion and temptation to reverse stretched to average the resistance of $31,000.
As pressure from the negative has been present against the psychological bargaining zone of $30,000, it is currently apparent that bulls are easing their efforts to push higher. Trade zones have been set between $30,411.07 and $30,121.03 at this point in the analysis. Long-position placers must be cautious while beefing up rearward from the upper horizontal line drawn, according to the majority of indicative outlooks.
BTC/USD Market
Key Levels:
Resistance levels: $31,000, $32,000, $33,000
Support levels: $29,000, $28,000, $27,000
BTC/USD – Daily Chart
The BTC/USD daily chart depicts the crypto market buyers’ exhaustion and attempt to reverse following their inability to surge more beyond the resistance of $31,000 yesterday.
The 50-day SMA indicator is at $28,765.48, while the 14-day SMA indicator is at $29,734.12. A bearish candlestick has been emerging, confirming the cautionary signal against launching a purchase order. A round of repositioning has been developing. From point 40 through points 83.26 and 93.95, the stochastic oscillators have traveled northward.
What chance do traders on the BTC/USD market have of continuing along the positive route laid forth yesterday?
A force has been ongoing to signify that long-position takers shouldn’t continue to move upward through points above and beyond the line of $30,000, given that the BTC/USD market buyers exhaust their force and are attempting to reverse.
It appears the probable remaining percentage velocity to the upside is less than ten, denoting that transactions will drawback to reset a baseline at lower points. The Stochastic Oscillators will play important roles in determining the entry of buying back from a decreased trading zone afterward.
Presently, another round of trade depletion has been confirmed by the formation of a reversal sign on the bullish candlestick that occurred yesterday closely underneath the line of resistance around $31,000. Based on that situation, today’s moves are being tailored toward responding positively to further pressure on the south side.
BTC/USD 4-hour Chart
The BTC/USD 4-hour chart showcases that the crypto market buyers’ exhaustion after hitting resistance around $30,800 attempts them to reverse soon against some supports.
The 14-day SMA indication is $29,750.96 more expensive than the 50-day SMA indicator, which is $29,626.46. The upper horizontal line, which is drawn at $30,000, indicates that stable northward forces will be needed to push the price beyond it. The stochastic oscillators are now located between 82.60 and 69.86 after crossing southward in the overbought area. Buyers may be returning about $29,600 before forming a new long position.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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