Bitcoin Price Technical Analysis (August 8): Indecisive Ascent

Bitcoin analysis in different graphs

Bitcoin(BTC)trade is currently is trading at $11,713. When looking at the chart we can see a clear uptrend, with the trend line acting as support. Also, when looking at the bigger picture it can be seen that the price is moving from an upwards to a sideways movement.

The resistance level is at $12,123 with support at $11,673. As long as the Bitcoin price is above $11,850 the trend is bullish, and if it would fall below it then the price can test the support level.

Bitcoin Graph august 8

Dow Theory

According to Dow Theory, the cryptocurrency price is in the excess phase, which is an extension of the public participation phase. Correction is usually seen after the excess phase, and then again the price starts going up until it reaches the distribution phase. The trend is bullish in the participation phase.

Bitcoin Dow Theory August 8

Bollinger Bands

The BTC price is moving between the channels with the middle average line acting as support. The band is shrinking, indicating less volatility and indecision in the market. Swing trading can be done using the band’s upper and lower limits.

Bitcoin Bollinger Bands August 8

Moving Average

When taking 9 period moving averages (blue) with 21 period moving averages (red), a bullish crossover is seen. Although the crossover is bullish, the price is moving below the nine period moving average, indicating indecision. It is suggested to wait until the price crosses the 9 period moving average with a good volume.

Bitcoin Moving Average August 8

Conclusion

Bitcoin(BTC)trade is currently is trading at $11,713. Resistance level is at $12,123 with support level at $11,673. Although the trend is bullish, a correction is still expected as there is indecision in the market.

It is suggested to take long positions only after the Bitcoin price closes above the resistance. Swing trading can be done using the above-mentioned levels. If the price closes above the resistance then the target is at $12,700 and if it closes below support then the price can fall all the way to the $11,300 level.

Pivot Points

Name S3 S2 S1 Pivot Points R1 R2 R3
Classic 7855.1 8483.7 9652.8 10281.4 11450.5 12079.1 13248.2
Fibonacci 8483.7 9170.4 9594.7 10281.4 10968.1 11392.4 12079.1
Camarilla 10327.6 10492.4 10657.2 10281.4 10986.8 11151.6 11316.4
Woodie’s 8125.5 8618.9 9923.2 10416.6 11720.9 12214.3 13518.6

Technical Indicators

Name Value Action
RSI(14) 70.378 Buy
STOCH(9,6) 57.089 Buy
STOCHRSI(14) 42.591 Sell
MACD(12,26) 1510.800 Buy
ADX(14) 70.793 Overbought
Williams %R -23.158 Buy
CCI(14) 103.8485 Buy
ATR(14) 1835.0999 High Volatility
Highs/Lows(14) 1487.5500 Buy
Ultimate Oscillator 56.777 Buy
ROC 95.940 Buy
Bull/Bear Power(13) 3445.9720 Buy
AllStocks Cryptocurrency Exchange

Sharing Is Caring: