? Bitcoin & Cryptos Technical Analysis 5-6 August ’18 ?

Bitcoin (BTC/USD) broke below the 50% Fibonacci support level which is making a bullish impulise less likely but price is still at a key bounce or break spot at $6800. ETH/USD broke the bear flag chart pattern and seems to be ready for a new lower low.

Bitcoin (BTC/USD) is ready to confirm a downtrend if price manages to break below the $6800 support level. An uptrend continuation is not that likely anymore unless price manages to break above the $7500 resistance zone.

Ethereum (ETH/USD) downtrend is ready to retest the previous bottom if price indeed unfolds via a bear flag chart pattern. The price pattern could confirm a wave 3-4-5 development as long as price stays belwo the 50% Fib.

Check out the video for the full analysis and trade plans on 5-6 August 2018:

• EUR/USD, GBP/USD technical analysis
• Review of patterns, trends, key S&R levels
• Explanation of potential trade ideas both up and down
• Beginner friendly, explaining concepts in more detail

See the video below for all of the details

Good trading,
Chris Svorcik
Elite CurrenSea