Bitcoin's price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate.
The price action indicates BTC lacks clear bias, but could also be considered a sign of bearish exhaustion, as the prices have already made a 21 percent slide from the recent high of $8,507.
On the other hand, a slide below the previous day's low of $6,890 would revive the bearish view.
The above chart shows, BTC created a doji candle on Sunday at the 50-day moving average support, making today's close pivotal.
A bull doji reversal would be confirmed if BTC closes today above $7,090.
A close below $6,890 would signal a continuation of the sell-off from the July high of $8,507.
A move below $6,820 would invalidate the bearish-to-bullish trend change confirmed by the inverse head-and-shoulders breakout on July 17 and would shift risk in favor of a drop below the rising trendline.
As seen on the above chart, the long-term bullish view has been invalidated by BTC's close at $7,025 yesterday.
View BTC could rise back to 100-day MA of $7,474 if prices close today above $7,090.
A close today below $6,890 would increase the risk of a drop below the key rising trendline support, currently seen at $6,700.
Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low
Udgivet den Aug 6, 2018
by Coindesk | Udgivet den Coinage
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