Bitcoin price touches the resistance – Analysis - 10-08-2018

Bitcoin price traded positively in the previous sessions to touch the bearish channel’s resistance that appears on the chart as expected yesterday, starting to rebound bearishly now, accompanied by stochastic reach to the overbought areas, which supports resuming the main bearish trend, which its next target located at 6039.30.

Therefore, we will continue to suggest the bearish trend unless breaching 6600.00 level and holding above it, noting that breaking the targeted level will extend Bitcoin price losses to reach 5500.00 as a next station.

Expected trading range for today is between 5800.00 support and 6800.00 resistance

Expected trend for today: Bearish