Bitcoin Price Analysis: $220 Must Hold (Week of Aug 24)

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BTC price at press time: US$221.77

Bitcoin has been in a giant trading range all year. As the chart below shows, it’s been range bound between ~US$220 and ~US$300. A dip below this range could very likely lead to a test of the January lows. It’s time to see where the real bottom in price is and the US$220 area is the big battleground.

Long Term

The picture has turned bearish again and in very ugly fashion. The 50 day EMA is about to make a bearish crossover of the 100 day EMA. This is very close to occurring and if it does (which is extremely likely), it will be hard for major support at US$220 to hold.

The RSI and Money Flow Index are both bearish and at oversold levels any bounce in these should be temporary as they are both on sell signals and are confirming the downward trend in price.

On Balance Volume (OBV) has never confirmed the move up and sustained volume on these up-moves has not happened, which has been a cause for worry for months. OBV tried to break above resistance multiple times and failed. OBV has

Read more ... source: Cointelegraph