Bitcoin price reaches the extended target – Analysis - 09-08-2018

Bitcoin price continued its strong decline to reach our second waited target at 6250.00, noticing that the price touched the bearish channel’s support line that appears on the chart, which might push trades to provide some temporary bullish bias before resuming the decline again.

Therefore, the overall bearish trend will remain suggested, supported by the negative pressure formed by the EMA50, unless breaching 6700.00 and holding above it, noting that our next target is represented by testing 6039.30, which breaking it represents the key to extend Bitcoin price losses to reach 5500.00.

Expected trading range for today is between 5700.00 support and 6700.00 resistance

Expected trend for today: Bearish