BTC/USD recovers ground over the weekend, but still weak
InvestingOnline.com
13/08/2018, 01:12Bitcoin tested the 6,000 support on Friday and Saturday as the pair completed a 27% decline since July 29 from 8,275 to trade as low as 6,010 on August 11. BTC/USD has recovered some ground from lows over the weekend, and it is currently trading at 6,340.
Bitcoin is opening the week with a positive note with 0.42% gains so far today at 6,342. BTC/USD is logging its third positive day. However, technical conditions for the cryptocurrency looks weak. That being said, a game-changing is undergoing in the chart.
Moving averages are pointing to the south, but the 6,000 looks strong as a support and the reaction from this level seems to be strong enough to build up a leg. Time will say.
According to Yohay Elam, FXStreet analyst, “the technical picture is complicated, but this cryptocurrency still enjoys higher lows, a positive sign.”
“While far from all Bitcoins are traded on exchanges, the price is undoubtedly influenced by the news about ETF’s. Why? This mainstream financial instrument allows mainstream users to dive into the world of cryptocurrencies. More accessibility means more money and higher prices,” Elam said.
Urban Forex Mentor Navin Prithyani considers that in the 1-week chart, there is “no clear direction but overall it is still in a seller’s market.” However, Prithyani is “expecting a little pullback towards the north for the next couple of days.”
Prithyani expects a consolidation going on around 7,284 area.
In any case, with BTC/USD trading below the 6,800 area, it is hard to see any upside potential. Further downside is on the table right now.
