Bitcoin (BTC) Price Analysis – August 15

  • Traders may wish to initiate long trades and stop-loss orders below the $6,000 price level.
  • On August 14, a bearish candlestick broke the support level at $6,000 but the price pulled back above it.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

Resistance levels: $6,400, $6,500, $6,600

Support levels: $6,200, $6,100, $6,000

The price of  Bitcoin was in a bearish trend yesterday. On August 14th, the bearish candlestick broke the critical support level but the price pulled back above it. Today, the price of Bitcoin is in a bullish trend. A bearish trend line has been drawn to determine technically whether the $6,000 price level is holding.

The bullish candlesticks have broken the trend line and the candlestick closed on the opposite of it. This indicates that the bearish pressure is over for now.. Traders may wish to initiate long trades and stop-loss orders below the $6,000 price level. The MACD line and the signal line are below the zero line which indicates a sell signal for the BTC price.  

Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA  which indicates that price was previous falling.                                                                                                                                                                             

BTCUSD Short-term Trend: Bullish 

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View              

On the 4-hour chart, the Bitcoin price is in a bullish trend. On the chart, the candlestick on August 4th broke the support level at $6,000 and the bullish candlesticks pulled back. Meanwhile, the  Relative Strength Index period 14 is level 56 which indicates that the price is in the range bound trend zone.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.