Flash Alert: Monday 26th August
The price of Bitcoin has been rangebound between $9,750 and 10,750 over the past week although very soon the bulls and the bears will have to make up their minds.
- The price of BTC/USDT at the time of writing was $10,386 on Binance;
- As identified on our Flash Alert on Tuesday 13th August, the price of BTC/USDT reacted to the downside after failing to find sufficient buyers to maintain the price above the pivotal $10,750 level. Immediately after breaching this technical target, we saw the price of BTC/USDT knocked all the way past $10,000 barrier and straight to the $9,750 mark were buyers had reappeared. Such move could have seen BTC/USDT fall as low as $9,000 and quite possibly instigate further selling pressure;
- Currently, the longer-term bullish uptrend has remained firmly intact with the 90-day EMA firmly above the 180-day EMA;
- The shorter term MACD (9,12,26) continues to remain somewhat bearish although this bearish momentum is decelerating;
- The price of BTC/USDT has flirted with the 14-day EMA, which currently resides at the $10,440 level. If BTC/USDT can close above this level then that may pave way to a new bullish price trend;
- The Stochastic RSI (14,14,3,3) indicator has in fact already turned bullish;
- If BTC/USDT closes below the 90-day EMA of $9,852 then it is very likely that we will see further downside price pressure, which may threaten to derail the Bitcoin’s uptrend – so keep a watchful eye on this level. If on the other hand, BTC/USDT is able to close above $10,440 ( the 14-day EMA) and maintain ongoing support above that level, then we will most likely see the price of BTC/USDT march higher from thereon.
- A follow up post to this Flash Alert may be found here.