CryptoAngels

Detailed analysis of #BTC on 07.08.2018

BINANCE:BTCUSDT   Bitcoin / TetherUS
News Analysis
Some people believe, that cryptocurrencies, especially BTC will soon replace fiat. But UBS thinks that for this to happen BTC needs to reach $213,000. But even then, the cryptomarket will be too volatile and prone to manipulation.
Volume Analysis
Trading volume on green candlestick is bigger than on the red ones. This shows that the bulls have advantage now.

Support/Resistance Level Analysis
Timeframe: 1H
The rate keeps moving between resistance at $7,065 (red line) and support at $6,900 (green line). During the last 2 days both levels were breached but the price quickly went back.

Timeframe: 1D
Strong support stays at $6,800 (green line). Resistance is formed at $7,040 (red line). The rate is now approaching this level and if it manages to breach it, the next resistance will appear at $7,400 (blue line).

Indicator Analysis
Timeframe: 1H
Bollinger Bands became wider, the rate is moving near the top line.
RSI is near 60% mark.
“Golden cross” appeared on Ichimoku indicator. But it is under the red cloud, so this pattern alone cannot be used as a signal for buying.
Alligator lines crossed and started moving apart.
Indicators prove that bulls became dominant and the rise can start.

Timeframe: 1D
Alligator lines crossed.
RSI is near 45% mark.
The rate is again above the red Ichimoku cloud .
Indicators show that the rate increases but we cannot determine whether it is correction, or the trend changed to bullish .

Action Plan
Correction of the rate has started. But on daily timeframes no indicators signal the beginning of a new trend. We need to check how indicators change to determine whether bulls have gained advantage.
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