Crypto Market Analysis - August 6th

 2020-08-06 11:04:52


During the rebound, BTC's 24-hour trading volume rebounded to around $25 billion, making signs of bullishness reappear. At this point, after BTC broke through $11,515 for two consecutive times recently, the breakthrough effect was further tested. Therefore, the bulls have moved frequently in the near future, and BTC is brewing its final momentum before the counterattack.

The short-term K-line pattern shows that BTC peaked at a short-term high of $11,799 and fell behind. The price shock and fall seems to be digesting the selling pressure. At this point, BTC has not fallen below the key support of $11,515 after it began to fall back at 6:00 on August 6. Therefore, the upward breakthrough of $11,515 is still valid, and there is no problem with bullish BTC.

The downside is that the current adjustment time for BTC and ETH is relatively short, and the accumulated short-term selling has affected the price recovery rhythm. However, judging from the changes in the size of BTC buying orders on the Coinbase exchange, the value has surpassed the selling orders, which is a positive factor.

BTC has a strong trend and may break upward at any time.

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