sachinhandi

Bitcoin price analysis 8/13

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin is above the 20 days EMA which is a good sign for buyers. For the past 5 days, the price was consolidated between $43794 and $44400 which indicates that the bulls are buying in dips and the bears are selling in the rally. They may continue for few more days, we need to watch for a clear path, as the EMA and SMA are heading High it indicates the price may go above after the Breakdown from the Consolidation. These may head towards the Resistance at $59475, If there is a Clear Path after the Breakdown of the Consolidation. The RSI is 69.73% which Indicates the Demand exceeds Supply by 19% therefore the Momentum is towards an Uptrend.
Contrary to this Assumption, If the Bears come in Play after the Consolidation, then the Price may go down to take Support at 20 days EMA ($41722) and if these breaks then the Bears will try to sink it to 50 days SMA ($36762.51), if they are Successful then the next Support will be at $29974.61.

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