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.
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.
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