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Bitcoin Price Analysis August 11

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The Bitcoin ETF was postponed, and the market triggered a massive drop of 1K USD during past two days. Is it a buying opportunity? or else, are we going to see a new 2018 yearly low (below $5750)? The upcoming days will be critical for Bitcoin’s support at the range between $5800 – $6000. The last time BTC was around there was at the end of June, and support held well (up to around $8600 during July). Will it hold again?

The sell volume is huge. No signs of new fresh money yet.

Breaking down the strong support area will likely to send Bitcoin to re-test $5000 – $5300 area.

From the bull side – the resistance to look at is $6400 and $6600.

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

BTC Aug11

 

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