BTC/USD 31.08.2017
After multiple retests, the $4400 resistance zone has been hit by a powerful impulse. Though not so long ago, one can assume that the new resistance zone in the BTC/USD pair is $4650.
Technically, the picture is as follows:
- $4400 is the support zone. There has been no full-blown retest, therefore $4400 test scenarios are highly likely.
- $4650 is the resistance zone. We’ve seen a lot of buys at this level over the last couple of days.
- Globally, the uptrend continues. But the movement has slowed down a bit, as there is probably a gradual shift of money flow from BTC to altcoins.
What to expect:
- The most likely scenario of price behavior for the coming week is in the $4400-$4650 range. BTC will experience tests of support and resistance zones without any rapid price movements during the last hours of summer, after impressive growth in August.
- The uptrend pressure may hit the $4650 zone. Apart from that, there are no other triggers. There’s no breaking news that could influence the price. In case a hit does take place, it’s very likely to be false.
The only factor that can profoundly change the course of <Read More>