Is this just a correction? Bitcoin analytics 08/11/18
Especially for you there is new market analytics from our traders team!
The price went very well in the ascending channel, but the growth angle was too large, and if we keep in mind that the market price is still not completely out of bearish condition, then this movement is a stress for the market.
From here it turned out that a correction was needed, which appeared then, as we wrote in the last analyst. Everything went according to one of the proposed scenarios. Most indicators have already been adjusted, but some are not corrected yet. For example, MACD has already turned down, but declining is not ended yet. But if the seller does not exert pressure in the next 4-12 hours, the MACD correction will also be able to form a signal for long. Exactly here it will be possible to see if the market is going to exit the bearish condition completely and move on to the period of consolidation.
The analysis of volume suggests that the players in the market are rather uncertain. At first there was large volume, but the candles was not closed like bearish, but then the market began to pass into the selllers power. Then followed a jump of the price, with rather bullish candles, and now we again see the bearish behavior of price and volume, but not completely perfect.
While the price is still in a local uptrend, we can only talk about its turning point if the price consolidates lower 6360, and then the road will be open to a free fall to 6250-6230.
We have such thoughts for now, we carry out the corresponding actions in our VIP channel on margin trading and are ready to make a profit.
The price went very well in the ascending channel, but the growth angle was too large, and if we keep in mind that the market price is still not completely out of bearish condition, then this movement is a stress for the market.
From here it turned out that a correction was needed, which appeared then, as we wrote in the last analyst. Everything went according to one of the proposed scenarios. Most indicators have already been adjusted, but some are not corrected yet. For example, MACD has already turned down, but declining is not ended yet. But if the seller does not exert pressure in the next 4-12 hours, the MACD correction will also be able to form a signal for long. Exactly here it will be possible to see if the market is going to exit the bearish condition completely and move on to the period of consolidation.
The analysis of volume suggests that the players in the market are rather uncertain. At first there was large volume, but the candles was not closed like bearish, but then the market began to pass into the selllers power. Then followed a jump of the price, with rather bullish candles, and now we again see the bearish behavior of price and volume, but not completely perfect.
While the price is still in a local uptrend, we can only talk about its turning point if the price consolidates lower 6360, and then the road will be open to a free fall to 6250-6230.
We have such thoughts for now, we carry out the corresponding actions in our VIP channel on margin trading and are ready to make a profit.
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