BTC Update 18.08.2018 - is BTC headed for a new high ?

2018年8月18日

BTC plummeted again touching the longterm support from the february lows.

We witnessed ATL for 2018 for most of the alts. In this bear market for most of them the complete bottom was reached.

So the time for buying was short lived and most alts already recovered a good % of their price. What follows next?

Our analysts have been observing the market and the next move is extremely difficult to predict. Why?

Because:
1) Bitcoin has formed another bearish pattern - a rising wedge. Especially after a downtrend like the one we had, this must break to the downside. HOWEVER! There is a plenty of short positions still open which may make market makers push the prices higher so they liquidate clueless shorters.
2) Another bearish indicator is that the move upward is not supported by a volume increase which also indicates a significant weakness in our uptrend.
3) Most people are bearish and sentiment is bad, which is a key factor to push the price up (but not enough).
4) Bitcoin hasn't retraced from the move down to test recently broken support levels as indicated by the blue lines on the chart.

Hence we've drawn to possible scenarios for BTC. Mind our recommendation to add shorts at each of the blue lines (if reached).
Safe trading!