Bitcoin price tests the first target – Analysis - 13-08-2018

Bitcoin price succeeded to touch our first waited target at 6039.30, and it found solid support there to show some bullish bias and fluctuates around the resistance line that appears on the chart, noticing that stochastic enters the overbought areas, while the EMA50 forms continuous negative pressure against the price.

Therefore, we will continue to suggest the bearish trend in the upcoming period, depending on the price stability below 6610.00, reminding you that breaking 6039.30 will extend the bearish wave to reach 5500.00 as a next main station.

Expected trading range for today is between 5800.00 support and 6600.00 resistance

Expected trend for today: Bearish