Bitcoin analysis for August 06, 2018

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Trading recommendations:

According to the H1 time frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also found a breakout of the support trendline and rejection from the Fibonacci retracement 38.2%. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $6.732 and at the price of $6.495.

Support/Resistance

$7.090 – Intraday resistance

$6.860– Intraday support

$6.732 – Objective target 1

$6.495 – Objective target 2

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