17 August BTCUSD Price Technical Forecast: Bitcoin remains bearish


Bitcoin price appears to be finding stability above $6,400. Is further downside towards the $6,050 and $5,700 levels possible? What does the following 17 August BTCUSD Price Technical Forecast reveal?

17 August, OctaFX Cryptocurrencies continued to fall sharply lower this week, as the aftershock of the U.S. Securities and Exchange Commission recent decision to delay its ruling on a Bitcoin ETF rattled digital currency investors.

Cryptos Tumbles

Bitcoin fell to trading levels not seen since late June, hitting $5,800, while Litecoin briefly tumbled below the $50.00 level.

Ethereum was one of the worst effected cryptocurrencies by the sell-off, with the ETHUSD pair tumbling below the $250.00 and turning negative on a year-to-date basis for the first time ever.

17 August BTCUSD Price Technical Forecast

  • The BTCUSD pair is bearish while trading below the $6,800 level, further downside towards the $6,050 and $5,700 levels seem possible.
  • If the BTCUSD pair trades above the $6,800 level, further gains towards the $7,100 and $7,300 resistance levels remains possible.

Disclaimer

This article about 17 August BTCUSD Price Technical Forecast  was provided by OctaFX. It should substitute for professional marketing consulting. Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, and other factors. All of which may substantially affect the price or availability of one or more foreign currencies.

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