Weekend digest #1

The last weekend passed without any significant move in Bitcoin’s price. After finding support around $6,500 (on Binance) the price has been moving up until Monday morning. However, the 24h trading volume was slowing down remarkably. At some moment volume fell to 35 mln USDT. 

Analyzing the daily chart, we could see that period of low activity preceded a new rally. The most significant example occurred on August 25 and 26, when price reached then lowest resistance at $6,800. Price got higher on August 27, and consequently trading volume increased. 

Situation is especially intriguing today, because the BTC price is so close to the key resistance at $6,800. If the price would reach that level during next few days, the rally will likely continue till $7,200.

Disclaimer. I don’t promote any digital assets, crypto exchanges or services.