“Bitcoin (BTC/USD) develops its downtrend, correction is needed” by trader CryptoComes — published August 06, 2018 — TradingView

Bitcoin             has added more than one percent in the past 24 hours. However, the currency pair has lost nearly 13 percent in the past seven days meaning we are still within the downtrend stage. BTC/USD Had a significant decline during the past week and now this downtrend is stopped due to some technical reasons.

Bitcoin             is trading below the red descending trend line meaning we are still in downtrend. However, the currency pair has reached the support area at $6,943 and stopped there. Bears seem to be tired and need some rest while bulls are full of power and they are ready to counterattack.

The price is close to the resistance area at $7,181 currently and I think BTC/USD is going to test this level in the nearest future. My main scenario for the next 24 hours is bullish as I think buyers are able to develop this upside correction at least.

I have set the targets higher at the resistance area at $7,565. To reach those targets, Bitcoin             will have to pass a couple of resistance areas. However, if bears come into play again, they will be able to push Bitcoin             even lower, below the current support at $6,943.

Check the full crypto analysis HERE>>>.

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