BITCOIN LOOKING MIXED/BEARISH AFTER TOUCHING 7103

Bitcoin is currently trading flat at $6320. Bitcoin has lost about 19% in the week ended 10th August. Most of the week it was in negative territory.Against Market expectations, Bitcoin defended support at $6,000 over the weekend, opening the doors for a stronger corrective rally above $6,480.

On Friday, the market move below $6,240 had created room for a drop to the June low of $5,755. Further, BTC closed below Thursday’s low of $6,183 on Friday, signaling a continuation of the sell-off from the 25th July high of $8,507. The leading cryptocurrency printed a six-week low of $6,008 on Saturday.

Other major cryptocurrencies also started the week on negative note. Ethereum and Dash fell to 302.70 and 150.69 respectively, at the time of writing. However Ripple was trading flat at 0.2889 at the time of writing. In the Past week, Ripple and Ethereum lost about 29% and 22% respectively.

On the technical front, the RSI is currently at 39.50% and suggests that the market can continue trading sideways. The %K has crossed the % D from below to the upside at 5.74%, and this suggests that the market may continue trading sideways. The price is below the middle line of the Bollinger bands and is going downwards. The Price is below MA5. So, overall the market setup seems to be mixed to negative.

Trade Suggestion-Sell At: 6500, Take Profit At: 6200 Stop Loss At: 6650

 

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