FX.co ★ Bitcoin analysis for August 16, 2018

Trading recommendations:

According to the H1 time - frame, I found that price broke that upward trendline in the background, which is a sign of weakness. I also found a potential intraday upward correction after the breakout and my advice is to watch for potential breakout of the support trendline to confirm a further downward movement. Downward targets are set at the price of $6.088 and at the price of $5.801

Support/Resistance

$6.040 – Intraday resistance

$6.205– Intraday support

$6.088 – Objective target 1

$5.801 – Objective target 2

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