After testing twice the support level of 6023$, the price was in a slight comeback with the bullish trend being confirmed once the first candlestick above the 20 days Moving Average was a green one.
If we consider the same principle, we can see how the market is on a downtrend, after it has reached the highest value of 7431$ and the first candlestick which was created below the 20 days Moving Average is a red one, which means that the bearish trend can last longer.
This is also confirmed by the technical indicators as it follows :
* The price is between the 20 days moving average and the lower band of Bollinger * Both, RSI and Stochastic are between the neutral areas and oversold positions * The MACD line just crossed the Signal one
If the market will follow the technical indicators, the target prices can be :
1. 6128$ - the lower band of Bollinger, situation in which the price will be "oversold" 2. 6023$ - the support level which was tested on the 10th and on the 11th of August 3. 5812$ - the second resistance level
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1H Chart Analysis: Bollinger bands getting squeezed, Is something is about to happened?
Speculators aiming towards 6500
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6500 Target reached, but Resistance 1 remained unbroken.
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Bitcoin is testing Resistance Level 2, no breakout yet. Speculators remain bullish.