Bitcoin Analysis: Week of Aug 24 (Intro to Trend)
Update on the price by Tone.
Last Week’s Review
In the most recent Mid-Week post, which will occasionally be published due to unexpected or severe moves in the market, we concluded with the following statement
A new range has been established between US$440 and US$500. Allow some time for the markets to settle down and dictate the next move. The long term chart is still considered healthy as long as we remain above this US$440 mark, but in case it give way, look for US$340-360 range as the next line of technical defense. Just like it was said a few days ago, unless faith in bitcoin is being lost, nothing should go straight down so this oversold condition is due for a bonce even if just temporary, but we have lowered this expectation to US$500 before re-evaluating the situation.
So lets go over what happened. The price remained above the established low of US$442, which means the Long Term Up-Trend is still intact (more on that later). This US$440-450 downside target was mentioned as the less likely scenario in the