Bitcoin Price Market Analysis Week 31
Bitcoin Price Market Analysis Week 31 we look at a market in recovery. The Bitcoin price was already in significant decline prior to news of the Bitfinex hack breaking. The news of the hack only acted to exacerbate the decline.
The price ultimately went as low as ZAR 6,360. Although it was quick to recover a lot of that lost ground. The price went on to trade at ZAR 7,520 and consolidate further, before a break back to the upside.
Trading is now at ZAR 8,066 The market is still coming to terms with the long-term implications of the hack on the space and technology developments.
There is a current correction which may be protracted and should be understood as a buying opportunity.
ZAR 7,860 is the next major price to look for on our charting. This is the next major support level. From there look for the bulls to take charge again. Current major resistance level is ZAR 7,995.
According to our charting, this upside move broke a contracting triangle pattern for BTC/USD on hourly charting. This upside move indicates that the market has most likely turned bullish. Consider entering the market again soon for upside momentum.
— Spiros Margaris (@SpirosMargaris) August 8, 2016
As ever remain cautious with this sort of bounce to the upside. While charting indicates that the bull has returned, look out for resistance at ZAR 9,295 and strong support to the downside at ZAR 6,355.
An interesting price point to watch for is also USD 8,200. If there is a siginificant break through this key level, you can consider the bulls firmly back in charge and take your trades accordingly.
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