Detailed analysis of #BTC on 06.08.2018

BINANCE:BTCUSDT   Bitcoin / TetherUS
News Analysis
Fatfish Internet Group CEO , Kin-Wai Lau, stated that BTC ETF is just a matter of time. He also believes that SEC will eventually agree on ETF but they are just waiting until some organisation comes up with tools needed to get market ready for that.

Volume Analysis
Trading volumes stay at the same level they were before. The values on all candlesticks are almost equal.

Support/Resistance Level Analysis
Timeframe: 1H
Resistance is noticeable at $7,000 level (red line). Bulls managed to breach it but they faced resistance at $7,140 level (blue line) that pushed them back to their previous range. The support is formed at $6,900 level (green).

Timeframe: 1D
Support is at $6,780 level (green line). Strong resistance was spotted at $7,500 level (red line). But during last 2 days another resistance at $7,040 (blue line) was formed.

Indicator Analysis
Timeframe: 1H
Bollinger Bands are horizontal and narrow, the rate is moving between the top and the bottom line.
The alligator lines are closely intertwined.
RSI is near 45% mark.
The rate is below the red Ichimoku cloud .
Indicators prove that the market is flat.

Timeframe: 1D
The Bollinger Bands are narrower, the price is near bottom line.
RSI is near 40% mark.
The rate is moving in the red Ichimoku cloud .
Indicators show the possibility of small correction, but the trend reversal is not expected yet.

Action Plan
As we said yesterday, the rate is moving sideways. A small correction is likely to occur now. But neither bulls, nor bears are willing to give up. All indicators demonstrate that their power is about equal. The next trend will be determined only after one group wins. Then t will be safe to enter the market according to the situation.
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