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XBTUSD - Bitmex: the situation today is 50-50

On Wednesday, the 15th of August, trading on bitcoin closed up by 1.17%. During the American session the pair rose to 6,641. There, buyers rested against the sell wall. When the price fell below 6,600, market sellers entered the game. Mass selling at 6,595 forced buyers to close long positions, which opened above 6,300. By the close of trading, the price fell by 5.64%, to 6,266.

Asian market participants shifted the low to 6,206. On the market, the situation has once again become uncertain due to two diverging daily pin bars with a range of 5,860 - 6,641. Sellers have an advantage as the trend is bearish.

If sellers hit the trend line (6,253) and the Fibo zone 50% -61.8% (6,162-6,250), then the price will move to 5,860 (low 14/08).

If buyers defend 6,253, then when rebounding to 6425, we should expect a new bitcoin strengthening to 6,700 to form an ascending wedge.

 


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