On Thursday, August 23, the bitcoin rate closed with a slight increase against the US currency. Eight days the price is traded in a sideways trend between $ 6200 – $ 6650 with a range of 7%. The current bitcoin rate is $ 6,528.
The price recovers after falling to $ 6231 on the decision of the SEC to reject applications for five bitcoin-ETFs from Direxion, two from GraniteShares and two from ProShares. Just like last time, the main reason for the refusal of applications was insufficient actions of exchanges to prevent fraudulent actions and manipulation of prices. I believe that the market does not grow because of that, and they constantly manipulate the price.
Key support passes through $ 6230. The price touched it 4 times. If the range is divided into Fibo zones, then the level of 76.4% (on the graph of 23.6%) is located at $ 6307. Through it, the trend line or the bottom line of the channel “A-A” passes. Given that the hourly indicators are in the upper zone, it is more logical in the next few hours to expect a drop in the bitcoin rate to values in the range of $ 6307- $ 6330.
If we talk about the target level in case of a breakthrough of $ 6630, then it is in the upper part of the channel “A-A” – 7090 m level of 100% of the upper border of the channel. The control level is at $ 6770.
If sellers go on the offensive and from the first pass the trend line, then all the attention of traders will be riveted to the $ 6200 – $ 6400 zone. In it, someone very actively buys bitcoins from sellers. If the zone does not stand, the sellers will try to reach these levels: $ 6081 and $ 5,840.
Since August 23 has passed, I turn to the side of buyers and start correction down to use to buy bitcoin. Alpari estimates that the transition from the “bearish” phase to the “bullish” can drive 3-4 days since the price is in the corridor of 8 days, it can be reduced to 2 days. The ideal option is to adjust to $ 5,840 and go up the “double bottom” for the day period.