Detailed analysis of #BTC on 05.08.2018

BINANCE:BTCUSDT   Bitcoin / TetherUS
News Analysis
Intercontinental Exchange (ICE), New York stock exchange announced their plans to cooperate with Microsoft , Starbucks , BCG, and some other companies to create market and ecosystem to list Bitcoin futures contracts. Experts believe that it will make Bitcoin ETF closer. Read more:

Volume Analysis
We can notice a huge decrease in trading volume comparing to yesterday`s value. On green candlesticks volume is a little bigger which can mean that people try to sell BTC before it dropped even lower or traders take profit from short positions.

Support/Resistance Level Analysis
Timeframe: 1H
Level at $7,330 (red) was breached, and after that because of lack of support levels at $7,000-7,300 the price quickly went down. The support worked at $6, 975 (green). Bears managed to breach it but didn`t stay below it and the price retreated to its previous zone after falling to the $6,900 (blue) level. Now the rate is close to support and if it fails to work, the price will start its movement between green and blue lines.

Timeframe: 1D
Support at $7,500 (red) was breached and now this level will probably work as resistance. Current support s at $6,750 (green line). But in case of bearish domination on the market, this level can become resistance. The support will form at $6,250 (blue).

Indicator Analysis
Timeframe: 1H
RSI retreated from oversold zone and is now close to 33% mark.
The rate is far below the red Ichimoku cloud .
The price is in the bottom Bollinger Band , which is wide and pointing downwards.

Timeframe: 1D
The price is in the bottom Bollinger Band .
RSI is low in the bearish zone.
Red Ichimoku cloud is above the rate.Indicators show that the bearish trend will continue, but correction is possible.

Action Plan
The bears stay strong. But bulls are ready to resist. It is likely that we will see the side movement for now until one party gains absolute dominance.
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