Implications and Outlook
Bitcoin spiked over the Mean Resistance $6535 mark on August 15, however only by a small margin. It continuously finds support at Mean Support $6145. Repetitive attempts from the bears to break the support level have failed. This demonstrates that lower levels are bringing in buyers, which is actually a bullish signal.
At the moment, the bulls are trying to push that above the Mean Resistance $6535 resistance. Once this zone is crossed, the bears may well attempt to protect the downtrend.
The bears at point tried three times to break the $6000 line ever since August 18, however so far they have failed. The prices keep rebounding off this Mean Support $6145. This demonstrates that the buyers are actually amassing the coin around the $6000 mark.
As soon as the bulls break out of the Mean Resistance $6535 line, chances are it will attract short covering up by the bears, which could push the prices to Key Resistance $7020.
Bitcoin spiked over the Mean Resistance $6535 mark on August 15, however only by a small margin. It continuously finds support at Mean Support $6145. Repetitive attempts from the bears to break the support level have failed. This demonstrates that lower levels are bringing in buyers, which is actually a bullish signal.
At the moment, the bulls are trying to push that above the Mean Resistance $6535 resistance. Once this zone is crossed, the bears may well attempt to protect the downtrend.
The bears at point tried three times to break the $6000 line ever since August 18, however so far they have failed. The prices keep rebounding off this Mean Support $6145. This demonstrates that the buyers are actually amassing the coin around the $6000 mark.
As soon as the bulls break out of the Mean Resistance $6535 line, chances are it will attract short covering up by the bears, which could push the prices to Key Resistance $7020.
The crypto currency segment seems to be looking a lot better than any time within the last ten days, as the significant crypto coins managed to sustain above the liquidation low levels hit on Tuesday. Even though the bounce stabilized the coin market, there is certainly still substantial fragility after the sharp selloff.
Very little has evolved for Bitcoin in most recent days, however relatively speaking the biggest coin demonstrated significant strength. Having said that until finally Bitcoin does indeed break and close above Mean Resistance $6535, the structurally substantial Mean Support $6145 level remains not too far from the current price level. A strong move above Mean Resistance $6535 would trigger a robust short-term rally. But further significant Key Resistance level is ahead at $7020.