BTC chart review, August 8th @ 18:00 PST by glennolua

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bitcoin · @glennolua ·
$16.52
BTC chart review, August 8th @ 18:00 PST
![bitcoinG.jpg](https://cdn.steemitimages.com/DQmSSucC37jhE4y83mYiDaQwSr5t8FKqy8Jnh1cfef7MX6A/bitcoinG.jpg)

The monthly chart of Bitcoin from the Bitstamp exchange continues to show red heikin ashi bars that illustrate the bear market.
There is one other thing that I look at on this long term chart, the stochastics. They are still on a downwards trend and although the angle of descent is not as steep as a few months ago, it is still down.
![](https://cdn.steemitimages.com/DQmdhfvAxwtPh3Nztk4BhPkaFqmg4fc7dDXpdGHEypuV1sM/image.png)

The weekly chart has one red heikin ashi candlestick for a potential initiation of another downwards cycle....?
Support should be near the low that was produced last February which has been met last June. If BTC drops below the support for more than 3 days, there is the potential that further downside may be in the future.
Stochastics are starting to roll over suggesting further downside. 
![](https://cdn.steemitimages.com/DQmQba5zHwPgadX4F6igx6JvDqo1bzDrtrZmnudxaYnHdHB/image.png)

The daily chart from Coinbase shows the latest down cycle with the red heikin ashi bars. The last bull cycle did not come close to the previous peak around the 9900 level.
Stochastics may embed which suggests further downside momentum.
For those bullish, the best case scenario is for support to hold and a rally at some point needs to take out the 9900 resistance level.
![](https://cdn.steemitimages.com/DQmcDUSivtrMqETG67R4dqsCxWi6rSqESD5fsxfYDzspez6/image.png)

From Google Trends, the search for Bitcoin has tapered off along with the price. The charts look fairly similar.  There is no change for the countries that continue to search for the #1 crypto asset. 
![](https://cdn.steemitimages.com/DQmTCgzofDEbx8Ezii8QYzvgj5Hx2ffJRC3syC8d1F7SofY/image.png)

BTC may continue in the range that it has been in since February 18 as a long consolidation before resuming the bull market. (If you still believe that BTC will continue to appreciate long term)  

My initial speculation was that BTC may edge back up towards the end of the year, but maybe it will be cycling within the current range?
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@chnak · 
Your article is very good, my game is very fun. https://goo.gl/Dd9394
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@chnak · 
Your article is very good, my game is very fun. https://goo.gl/Dd9394
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@chnak · 
Your article is very good, my game is very fun. https://goo.gl/Dd9394
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@hzrepon ·
$0.02
Thank you very much for giving us detailed information on btc relationships.
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@fatema105 · (edited)
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@glennolua You've done a great job that presented many information about btc in us.

Thank you for sharing information with us.
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@surikowstepanuk ·
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@glennolua more articles will be?
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@mohsin04 ·
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Thank you for the btc information. This is an important information. You are pretty worthy for this job.
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