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Bitcoin (BTC) Current Market Situation BUY or SELL?

Straight out the gate let’s consider the current situation on the $BTCUSD chart. As you know, at the 14th of August Bitcoin heavily dumped. The target of this dump should be $9300, but it didn’t reach one because of the support levels at $9700 level and ascending support. After this, Bitcoin re-tested the $9700 and confirmed that the one is strong enough to keep the price.

If we talk about resistances, there are plenty of ones. The strongest one is located at the $10435 level, it was defined by volumes. You can see that after the breakdown of this level, volumes were insane. It means that the seller will keep this level as long as possible. In case bulls won’t be strong enough to break through this resistance, more likely, we will see a downward movement to the $9800 level in the case to break through ascending support and moving lower. The target of this downward movement will be $8300 – the strongest support at the current moment.

In case bull will break through $10435 level, we need to closely follow $BTC price and watch where will it take hold. If this breakout is fake – bearish option described above would be active again. In another case, the range of $10435 – $10700 would be the accumulation zone. So, after some flat, we will see a continuation of upward movements with 94% – 97% chances. Targets of this upward movement will be $11500 and $12600.

There is an important moment I want you to know. In case the price will hit $8300, we will have great chances that next we will see only upward movements and reach $10000 at least. However, in case the price will hit $12600, chances of going downward will be quite low.

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