FX.co ★ Bitcoin analysis for September 05, 2018

Trading recommendations:

According to the H4 time - frame, I found that strong supply entered the market and that most recent upward diagonal got broken, which is a sign that sellers are in control. The price is near the key support trendline ($6.800) and my advice is to watch for potential breakout to confirm further downward continuation. I see the whole upward channel like a bearish flag, which is a sign that Bitcoin might visit the level of $5.932 (downward target). Additionally I found a potential large head and shoulders pattern in creation and hidden bearish divergence on the macd oscillator. Watch for selling opportunities.

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