By Dmitriy Gurkovskiy, Chief Analyst at RoboForex. On Tuesday, August 27th, the BTC is slightly declining, trading at $10151.36.

Technical Analysis

On the daily timeframe, the BTC/USD is developing a descending channel of a correction. After a bounce off the resistance line, the quotations are testing 38.2% Fibo again. A successful test and a breakaway may let the quotations descend further to 50.0% ($8600.00) and 61.8% ($7350.00). The descending of the MACD lines and the red histogram confirm the potential for further decline. The resistance is at $11350.00.

bitcoin price chart

On H4 of the Bitcoin there is a range of a Triangle forming. The quotations are getting squeezed between the support and resistance levels of $9970.00 and $10557.00, respectively. The longer the consolidation lasts, the stronger the exiting impulse is going to be. In this case the Triangle is descending, which sugests, first and foremost, a breakaway of the support level of $9970.00 and further decline to 50.0% ($8600.00) Fibo. The decline may be confirmed by a Black…

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