Bitcoin Market Outlook for Week Ahead; Aug. 3 – Aug. 9

This Week: The $25 Zone

As of this post, BTC/USD is currently trading at $285.35. It is now clear that we are in a pretty well defined trading range with price support at $275 and strong resistance at $300 – this goes all the way back to July 17th. This makes the life of this range approximately two weeks old.

One technical element to note, however, is the formation of a head and shoulders pattern between July 24th and August 1. Since August 3, it appears that there may be downward pressure as a result that could push BTC/USD to retest $275 in the coming days, rather than continuing higher in the range closer to the $300 threshold.

Summary: The current range is $275 – $300 – we conjecture that it might be prudent to place a stop at $275 as this level may be retested this week.

Month to Date

We’re just a few days into August. We’ve opened this month at $284.65. Due to today’s current price of $285.35, this leaves us approximately even thus far into the month. During the last week of July, we saw highs closer to the $300 level, however, since August 1, we have not been able to break through $285. This is further reinforcement for our earlier hypothesis about a retest at $275 in the coming days.

Market capitalization is only slightly changed as well, thus far into the month. On August 1 the market capitalization was approximately $4.06 billion and we are observing a slight increase to $4.09 billion. This further indicates some new potential resistance.

Year to Date

BTC/USD remains negative for the year, down 11.1% from the January 1 opening of $321.

Market capitalization also remains negative, although approximately half as much as price, down 5.4%. As previously noted, capitalization is currently at $4.09 billion. Capitalization at the beginning of the year was $4.31 billion.

This concludes our market outlook and update for this week of August 3 – August 9.

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