XBTUSD: buyers trying to recover their losses

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Alpari Market Review
Alpari Market Review

On Thursday the 9th of August, trading on bitcoin closed up by 4.17%. In the US session, buyers tried to induce a bounce from 6,200 USD in an attempt to force sellers out of their short positions. After some ambitious movements, they ran out of steam at 6,640 USD before being forced back to 6,381 USD.

I don’t think that the downwards movement started from 7,441 USD has come to an end yet. The correction has been going on for 38 hours. The last one went on for 74 hours. We need to test 6,000 USD because many altcoins have incomplete price models.

The correction of the rise from 6,182 USD to 6,640 USD amounted to just over 50%. From 6,550 USD, I expect to see the rate return to 6,235 USD. If this part of my forecast comes off without a hitch, then after the price drop, we’ll most likely see a flat for 14 – 20 hours. Then, in Saturday’s US session, sellers may be able to break 6,000 USD.

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