Bitcoin price analysis and forecast (Thursday, August 16th): Little chance for a long-term correction of Bitcoin price

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In the near term, it is probable for the Bitcoin price to slide down slightly to the level of $6114 before heading upwards to the key level of around $6665

In chart D1, the Bitcoin price has accomplished the chain of Declining Elliott Wave and is currently moving within the consolidation period. It seems like the cryptocurrency price has experienced the Flat Elliott Wave pattern and has already finished the first Flat Elliott Wave marked (A) and started the second wave. We expect that the Bitcoin price will have to witness the chain of three short-term Elliott waves within the second Flat Elliott Wave. As a result, we forecast  a short-lived bounce back to the key level of around $6665 before another fall takes place in order to complete the Flat Elliott Wave marked (B).

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A close scrutiny of MACD (Moving Average Convergence-Divergence) in chart H1 shows a bullish divergence signal, which indicates that the bearish momentum will soon diminish, and the Bitcoin price is likely to reverse the current downward movement. In the near term, it is probable for the cryptocurrency price to slide down slightly to the level of $6114 before heading upwards to the key level of around $6665.

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Written by nami.today

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