Overall view of Bitcoin - Update of August the 12th's week

Fundamental: Bitcoin suddenly soared this week as global markets had their worst day this year, rising more than 20% in the last seven days and jumping more than $500 per bitcoin in a matter of minutes on Monday night, only to fall back again. As trade tensions flared and the Chinese yuan fell, investors flocked to “safe-haven” assets like gold and U.S. Treasures.

Technical: The cryptocurrency declined weeks ago after ceiling on the yearly high and going below the psychological level of 10000.0. On a falling average daily volume traded, bitcoin's third attempt to settle at the supply level and test the yearly high failed, creating a lower highs channel and confirming a bearish pressure. The upcoming bearish trend seems weaker because of the lower volume however gives more room for another test of 10000.0 level.

Advise: Stay Bearish and sell any high points while we don't break upward 12000.0 with a target @10000.0 or below.

Commentaire:

Now at breakeven. We are eager to close the trade at 10,000$.

Trade fermée: cible de profit atteinte:

3:1 reward risk reached.