Bitcoin price analysis and forecast (Tuesday, August 21): price pulls back without support


Bitcoin price analysis on chart D1 looking for bullish hints in the long terms

In general, bitcoin price remains in downtrend since the beginning of the year 2018.

Yesterday, BTCUSD recorded a significant retreatment of about 3.3%, closing at a lower price than 3 days before. This is a bearish sign indicating further tumble.

The pair is coming to the convergence area and is predicted to hit the lower edge at around $5764 - $5800 (the bottom of Jul 2018).

Bitcoin is moving between EMA 10 and EMA 21 which indicates a slight pull back before a strong plummet.

BTCUSD, bitcoin, BTC, technica analysis, cryptocurrency

For the time being, there is no supportive fundamentals for bitcoin price in the context of broken technical factors. It is suggested that investors not jump into the market at the moment and wait at $5800 support level.

Moreover, The Relative Strength Index - RSI is lingering above the over-sold level (30 point). This indicator consolidates the bearish movement forecast.

Suggestion: watching closely what bitcoin price is approaching the support area of $5764 - $5800. If this support is broken, there is almost no hope for bitcoin to recover in the long term.

Refering to trading idea of trader Dat Tong

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