Bitcoin Bullish and Bearish Scenarios
As of 14th Aug. 2018, when Bitcoin’s value hit the $5,858 mark, it has continued to gain with an upward pattern, which can be observed to have greater high points as well as higher low points. The strongest support was marked at $6,256, which has been dismissed severally, with the latest rebound happening on 23rd Aug. 2018.
However, clear indecisiveness is imposing, bearing in mind the way that the value broke first over the triangle patter and after that beneath it. But the 61.8 percent Fibonacci support continues to be dismissed, and the bullish situation now is likely to occur.
As of late the solid resistance at $6,500 has been broken to currently stand-in as the support. Whereas the BTC vs USD is over this support, purchasers could begin to make gradual moves, forcing the value upwards, maybe towards a more solid resistance at the $10,000 region.
In different circumstances, if Bitcoin breaks beneath the $6,500 point, and afterwards underneath the triangle patter once again, the value is probably to test the $6, 256 support, and conceivably head towards the lower region. At this phase a bullish situation ought to be annulled and either a downward pattern or a combination may be the situation.