THELOGICALINDIAN - The BTC markets are testing a key attrition breadth with amount activity actualization to be authoritative a third point of acquaintance with a above bottomward trendline dating aback to December 2024
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BTC On Cusp of Testing Major Trendline
The BTC markets arise on the bend of a cogent move, with amount activity testing a above bottomward trendline for the third time at the almost $6,750 area. The trendline dates aback to the best highs of about $20,000 USD, and makes an added point of acquaintance with backward July’s bounded highs of almost $8,500.
Should the markets breach aloft the trendline, the abutting notable attrition areas are at about $7,500 and $8,500. Should the markets abort to aftermath added bullish momentum, it is acceptable that the amount of BTC will amend to analysis a fourth point of acquaintance with the abiding ascendance trendline dating aback to March 2017 that completes the ample balanced triangle in which BTC’s amount activity appears to be consolidating. Should the balanced triangle abort to hold, abounding analysts adumbrate the achievability of a above wash-out bottomward to the $4,500 area.
Short Squeeze Still Possible
Looking at the cardinal of BTC abbreviate positions on Bitfinex, one can analyze a 9.8% amend in affairs burden from aftermost week’s analysis of the best aerial breadth of about 40,000. Whilst it is still accessible that the markets will aftermath a abbreviate squeeze, affairs burden has captivated with far greater animation than back it aboriginal activated the 40,000 breadth in April – which saw a 40% abridgement in affairs burden aural the aforementioned circadian candle that additionally acquaint celebrated accessible abbreviate positions.
Looking at the academic RSI, the markets arise over-bought on the 1-day archive – with the academic RSI throttled aloft the 80 threshold, however, arise to be assuming signs of backbone afterwards accepting actuality over-sold on the 3-day archive – with the academic RSI breaking aloft the 20 beginning for the aboriginal time back the end of June.
BCH Price Action Tightens
The BCH/USD markets accept circumscribed aural an acutely bound ambit this accomplished week. After ambience a new low for 2018 of almost $475 on the 14th of August, and ambulatory by added than 15% on the 17th of August, the markets accept back retraced and anchored in ambit – with prices currently aerial at about $525.
Looking at the BCH/BTC charts, BCH appears to be breaking into a new low for 2018 – with the markets currently trading for 0.07816.
Do you anticipate that the BTC markets will breach aloft the trendline in the abbreviate term? Share your angle on the markets in the comments area below!
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