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17.08.201814:15 Forex Analysis & Reviews: Bitcoin analysis for August 17, 2018

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 17.08.2018 analysis

Trading recommendations:

According to the 30M time frame, I found that price did fake breakout of the yesterday's high at the level of $6,440, which is a sign that buying looks risky. I also found a weekly pivot at $6,641 and a hidden bearish divergence on the RSI oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $6,200.

Support/Resistance

$6,520 – Intraday resistance

$6,380– Intraday support

$6,200 – Objective target

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Petar Jacimovic
Analytical expert of InstaForex
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