Bitcoin Midday Analysis
On the 15th of August, Bitcoin’s market managed to make a small bullish comeback, further extending recent profits up a decent amount by 10 percent from the previous lows.
On Wednesday, the Asian trading session saw a surge in purchase orders as a means of breaking past the $6.5K resistance level. Regarding the European session, the bull-trend saw weakened, resulting in a $200 drop in price. On the US end, BTC did make a comeback although based on a weak bullish backing. Additionally, there is a strong selling reaction at the $6500 level.
Additionally, the Bitcoin/USD trading pair is currently displayed a proper climbing trend to a possible near-term support level. The trading duo has already made its progress past the 100 and 200 hourly MA. The support and resistance levels are displaying a much more robust performance than expected and bringing BTC/USD to a medium-term engagement. In terms of daily performance, the coin is definitely closer to 5754-fiat and may possibly test it if the current bear-trend continues.
In terms of the coin’s midday review, its most recent development in price has moved the currency within a new range, held by 6500-fiat in terms of resistance and 6289-fiat in terms of support and will continue to be monitored during the remainder of the US session. As of now, a pullback by bears is anticipated, spelling bad news for BTC bulls. The 6500 resistance level has denied three different upside attempts. As for a possible near-term, joined together with the markets current bear trend, first requires a waiting period in anticipation of a pullback from the resistance level and a nudge to the 6289 support level.
No breakout position will occur until Bitcoin’s price manages to climb past the 6550 level. In the case of this event, the main upside target will be the 6620 resistance. In case the price indicates a comeback from the 6289 support range, an extended position to the 6500 level should occur. However, if the breakout is downwards, a short will be placed at 6189 support.