Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance

[oksgvardukraine2018]

Bitcoin Price Technical Analysis: BTCUSD Capped by Strong Resistance

Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias.

The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back.

We also had to exit our long position on a small loss when BTC/USD just fell shy to test 6650 as our primary upside. Our stops below the entry position protected us from additional risks. In the process of the latest bearish correction, we also noticed price breaking below the ascending wedge. Let’s have a look at the hourly BitFinex chart below to further understand the market’s mood. https://www.ccn.com/bitcoin-price-technical-analysis-btcusd-capped-by-strong-resistance/

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[Mountain Humans]

I think Bitcoin will not take too much time to return to its former position. In a short span of time, Bitcoin will return to his former and will start giving the same profit as It had given earlier.

[pooya87]

Bitcoin price today tumbled 2 percent against the dollar, confirming a weak push by bulls in the current bearish bias.

a 2% change in price is not even considered a change let alone be a "push" to be weak or strong! it is just market fluctuations and it is that even if it is as big as 10%. in other words anything below 10% change is nothing and is ignored unless it is breaking some sort of support or resistance. and we are nowhere near any of them.

The BTC/USD continued to extend its prevailing upside momentum, breaking above 6500-fiat to establish 6620-fiat as its new intraday peak level. However, the absence of enough bullish sentiment around the peak area, also visible during the August 15th pullback action, reversed the upsides. The pair dropped as much 4.5 percent, as a result, and is now attempting what looks like a weak bounce back.

again this is neither bull nor bear sentiment. it is just market moving inside the same high and low of $7000+ and $5900- and unless we properly break out of this space there is no reason to talk about the price changes anymore.

[JamescrypTrader]

It is true that the price of bitcoin has decreased in the current situation. But in a very short time, Bitcoin will return to its own position. And hope investors will get the benefit. But your analysis was good.

[Bourn1993]

Good analysis, I think you have made valuable analysis on Bitcoin's present condition. But the current situation will not be the same and Bitcoin price will increase anytime. I believe in it and hope to gain benefit from Bitcoin as I do before.

[mairespleet]

a very honest fact is that if you wants to do well in the market then you must have to do proper analysis about the market, so I would say that bitcoin price analysis will be really helpful for understanding the market in detail ,it will reduce misunderstanding about the trading

[Pursuer]

you can not call it being "capped" because it is just a resistance and it will eventually be broken on the way up as bitcoin starts its rally soon. for the time being we are stuck in this price level and the investors are not going to come back unless the problems ahead of us (ETF rejection) is resolved so that we can have a healthier market.
in other words the resistance is not strong at all, the problem is with lack of demand for higher prices. for now only day traders are left in the market making short term trades.

[1Referee]

a very honest fact is that if you wants to do well in the market then you must have to do proper analysis about the market, so I would say that bitcoin price analysis will be really helpful for understanding the market in detail ,it will reduce misunderstanding about the trading

It won't reduce the misunderstanding about trading at all. I'm more inclined to say that things have gotten far worse due to all these technical analysis wannabe's infecting noobs with the 'I think that I can trade and predict the market' virus.

This is the most trashy bear market I have ever been through due to all the mainstream adoption. Back in 2014/2015 people were at least admitting that the market was bound to keep tanking, where in today's world noobs only speculate about another bull run before the end of the year.

Trading is a loser's game that only a few people know how to play. Noobs just stay away from trading, or invest in a custom coded bot so you don't suffer from your own incompetence.

[Actum]

The price has a growth last day. I thought that it could be the start of the bullish trend but the price falls again. I think we need to survive this bearish for more days until the bull comes.

[STT]

you can not call it being "capped" because it is just a resistance and it will eventually be broken on the way up as bitcoin starts its rally soon. for the time being we are stuck in this price level

If its speculation then as trading it shows resistance, its a fair comment and on a simple level its observable as the lowest pricing in Feb and later Spring.   It was support at that time and now shows as resistance or a ceiling to any amount of buying.

Price can go up and I believe its still showing as positive on an 8 day average but its got to climb this point first.  Also ironic point here is if BTC just traded 6500 area for the rest of the year it would be positive in encouraging business from a stable point of reference condition.

[BitHodler]

Also ironic point here is if BTC just traded 6500 area for the rest of the year it would be positive in encouraging business from a stable point of reference condition.

That would be an ideal outcome, especially with how low the fees currently are in what a lot people consider to be a boring market. Without hype fees remain low and that should give people the incentive to transact more.

On the other hand, it seems that everything related to crypto currencies has become a whole lot less interesting for people with how bad the sentiment is. People are more likely to spend coins after a significant increase.

The only usage boost due to low transaction fees with current sentiment, are transactions directly from peer to peer. There was an article not that long ago stating that merchant payments have decreased significantly.

Without some solid bullish action merchant payments will decrease even more.

[SweetSin]

Bitcoin is having continuous fluctuations. The ups and downs are making many people hopeless. I think we should keep some patience and try to secure a profit in this time.

[LateMoveR52]

The growth is not being able to give satisfaction. I think we should not think for big profit now. We should focus on saving the capital now. Otherwise big losses can be happened.

[mairespleet]

Bitcoin has been on a bearish trend for few days now and struggling above $6,000. We can’t be sure yet whether the price will go near $7,000 anytime soon but you never know. I think it won’t be going below $6,000 and I’m also seeing some altcoins recovering after the hard dump. I hope bitcoin’s bearish trend ends soon and the bull run starts.

[CryptoSimmonds]

After plummeting for 2 weeks straight finally Bitcoin price have stopped it's fall and it is also showing signs of recovery right now. While I am typing this comment, it is being priced at 6,396$ whereas it had been shown resistance by 6,000$ level for one week total. Though the bearish trend has not ended yet but looks like it is getting close to coming to an end.

[Pursuer]

Also ironic point here is if BTC just traded 6500 area for the rest of the year it would be positive in encouraging business from a stable point of reference condition.

That would be an ideal outcome, especially with how low the fees currently are in what a lot people consider to be a boring market. Without hype fees remain low and that should give people the incentive to transact more.

that will bring us back to the famous chicken and egg problem of bitcoin and its adoption.
if more businesses start accepting bitcoin because its price is stable then that can increase the adoption and with it the price will start rising up again and eventually a big fast rise and a resulting bubble which will then end up with another crash and so on.... increasing the volatility again.
I think this problem with remain with us until mass adoption.

[matej451]

I think altcoins are eaiser to trade as BTC. There is always a delay on the upside when there are bull run.

But thank you for outlook anyway.

[BITcoinJuniorMB]

Since the last week, BTC had been lurking around the 6,000$ mark and have been supported by it quite sometimes to finally prevail at 6,400$ mark right now. Though the recent trend looks comparatively sluggish but the market still remains risky since it is still unclear that where this trend is actually heading to.

[talkbitcoin]

the exact opposite is true. meaning bitcoin is supported by a very strong buy support. and that buy support is placed at $6000 which is the reason for keeping the price up so far even though a lot of dumps have been happening.
the only reason why we have not yet seen a big rise yet is that people are greedy and ware waiting for the ETF rejection to buy cheaper bitcoins and then start the rise.

[Deubila]

What to do now is psychological stability. But most of the worry is for the less money or the people who sell the property to invest. Psychological panic, in all these people. As big investors, their assets are multiplying and spreading over and over.