Bitcoin price is scratching the bottom

The price of Bitcoin continues to fall and fluctuate under the combined effect of many people's crazy pursuit of XT and the continuous selling of Bitcoin skeptics. However, without the participation of institutions, the price will not be pulled to a lower low. We must wait for the downturn to subside.

Bitcoin Price Analysis

Bitstamp 1-hour chart (August 24, 23:08 UTC)
 

The market development has changed slightly, and now our view has changed from an expected rebound above the floor support line to a downward trend that gradually crosses the support line.

Support levels correspond to the golden section positions in the above chart: $220 (broken), $215, $210, $205 and $200.

A recent highlighted support level of $205 is a possible target, although this may not be a reversal point just yet. Below $200, there are $187 and $160.

Until a clear price direction emerges, it is best to exit the market because it is difficult to know at which support level the market may launch a fierce counterattack.

Patience is needed here, nothing is safe or profitable to do in the Bitcoin chart at this moment.
I don't want to achieve immortality through my efforts...I want to achieve it through immortality. -Woody Allen

Summarize
There is really nothing much to say about today's market. It has been a flat and boring scene. The only hint is that we should have taken action when we saw the price leave the $220-$236 range. Now it seems that the price should trend lower, and the process to $205 (Bitstamp) is underway, but the price may reverse, or it may break down, thus inducing strong buying orders and returning to above $200. An unpredictable market is brewing.

Bitfinex order depth chart and trading volume display: