BitStil (reviewed here) continues to inform its members and visitors about news from the world of economics and cryptocurrency. This time, Bitcoin and its latest movements are caught under the BitStil radar 🙂 .
Last 2 months were very interesting for different cryptocoins and especially for Bitcoin, so i hope this information will be useful to you.
BTC/USD has been on a downward move after partially breaking the $12,000 overhead resistance. In early August, buyers broke the overhead resistance twice. On August 2, BTC reached a high of $12,097 but fell to $10.548 low. Yesterday, the king coin reached a high of $12,065 but was repelled; the market is still on a downward move.
Bitcoin bulls failed to break the overhead resistance because sellers are in strong defense of the resistance. Bitcoin has continued to retrace in the last 24 hours. If the selling pressure is strong the downward move will persist. However, buyers must sustain the price above the $11,000 support. On the downside, if price breaks and closes below $11,000 support, Bitcoin will be showing signs of weakness.Next Possible Direction Bitcoin uptrend is still intact despite the recent downtrend. The current support at $11,700 is likely to hold and BTC will rise. In the recent uptrend on August 1, the red candle body tested the 0.236 Fibonacci retracement level. This explains that when the uptrend resumes BTC will reach the 4.236 Fibonacci extension level which is the $15,000 high.Join BitStil and bring your life quality to a whole new level!
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