By Dmitriy Gurkovskiy, Chief Analyst at RoboForex. On Tuesday, August 27th, the BTC is slightly declining, trading at $10151.36.
On the daily timeframe, the BTC/USD is developing a descending channel of a correction. After a bounce off the resistance line, the quotations are testing 38.2% Fibo again. A successful test and a breakaway may let the quotations descend further to 50.0% ($8600.00) and 61.8% ($7350.00). The descending of the MACD lines and the red histogram confirm the potential for further decline. The resistance is at $11350.00.
On H4 of the Bitcoin there is a range of a Triangle forming. The quotations are getting squeezed between the support and resistance levels of $9970.00 and $10557.00, respectively. The longer the consolidation lasts, the stronger the exiting impulse is going to be. In this case the Triangle is descending, which sugests, first and foremost, a breakaway of the support level of $9970.00 and further decline to 50.0% ($8600.00) Fibo. The decline may be confirmed by a Black Cross forming on the Stochastic.
If the Federal Reserve System of the USA keeps softening its credit and monetary policy till the end of the year, the leading cryptocurrency may demonstrate significant growth — such is the conclusion of the OKEx experts. Additional support to the Bitcoin might be provided by a wave of economic stimuli from Central Banks. As long as the main issue nowadays is the slow-down of the world’s economies, it would be logical to suppose that the regulators might decide to soften and optimize the monetary conditions.
The US dollar is likely to decrease in response to the Fed’s actions, and investors will need safe and profitable instruments. Thus, cryptocurrencies will attract attention again.
There is a 95% possibility that at the September session of the Fed the rate will be decreased — these are the market expectations. So, the BTC has a good chance for growth the next month.
The crypto market looks rather stable and balanced, the interest to it is rather high. While at the end of 2018 the capitalization of the whole crypto sector was evaluated as $100 billion, at the moment it is estimated as $268 billion. During the last (incomplete) 8 months the BTC share in the trades has increased.
Disclaimer: Any predictions contained herein are based on the authors’ particular opinion. This analysis shall not be treated as trading advice. RoboForex shall not be held liable for the results of the trades arising from relying upon trading recommendations and reviews contained herein.
The post Bitcoin Price Analysis and Prediction for August 27th: BTC Has Good Chances This Autumn appeared first on The Merkle Hash.
Sign up for email alerts on the top news and ICOs.