The Bitcoin price is traded within a triangle pattern

Von | 26. August 2018

The bitcoin price consolidates within a short term symmetrical triangular pattern
Technical indicators Signals
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is downwards. This means that sales pressure is likely to continue. The 100 SMA at $6,430 has also proved to be dynamic resistance. However, the gap between moving averages has narrowed significantly to signal a slowdown in downward pressure. This could also signal an imminent crossover that could attract more buyers and reverse the trend. The RSI is currently at the 60’s mark, but is pointing downwards so that sales pressure could increase. The triangle formation includes a support level at $6,390 on the one hand, and resistance at $6,512 on the other, with the MACD slightly in the bullish zone. You should focus on the course within the triangle formation and where it breaks out.

market factors

Last week hasn’t had too much positive news. There are currently many uncertainties in the market. Not only the accusation of market manipulation but also the uncertainties regarding imminent regulation. Yesterday we reported on Japan that in the coming month a directive will be drawn up in cooperation with the International Financial Action Task Force (FATF) to guide other economies.

Ethereum Prize Highlights

The Ether price could not move above the resistance of $510
There was a breach below a crucial bullish trend line on the hourly chart, supporting at $500
ETH is at risk of further losses as long as it is below $510 and the 100-hour SMA
The Ethereum price is currently in a declining zone against the US dollar and bitcoin. ETH could fall further towards $475 in the near future.

Technical indicators Signals

There was a rally above the $500 mark. The price traded some points above $500, but could not gain momentum. As a result, there was a downward reaction and the price fell below the $500 level. The $495 mark and the 100 hours SMA were also breached, which is a bearish sign. More importantly, there was a breach below a crucial bullish trend line with support at $500 on the hourly chart. Should there be a downtrend below $488, Ether may see further declines towards $475.