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Bitfinex (BTCUSD): buyers are entrenched above 7,000 USD

On Tuesday, the 28th of August, trading on bitcoin closed up. Buyers strengthened their positions above the round value of 7,000 USD. There is no news behind the growth. Sellers are closing short positions on the upwards movement. Buyers are reducing positions to either lock in profit, or are closing them to break even.

During the US session, BTCUSD consolidated between 7,020-7,427 USD. On Wednesday, trading in Europe opened quietly. The current rate is 7,050 USD. I continue to consider the upwards movement to 7,250 USD. This is the first resistance from which we can expect a correction. It turns out that the correction should last from the 31st of August until the 3rd of September, that said, I'm relying on old estimates with no new data. We may be able to test the 7,450-7,500 USD zone until the 31st of August, with a weak rebound from 7,250 USD. Short sellers, be careful!


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