Bitcoin Trading- BTC/USD Technical Analysis, Aug 26: Recovery looking solid, $550 reachable within 10 days

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (BTC/USD) is continuing to make small, stable steps back in the direction of its "stability zone" above $550. It may not be the rocket to the moon as much as the locomotive up the mountain, but such climbs bear the support of solid ground in their wake and usually remain the most stable and enduring.

If indeed on the path to mid-term recovery, it indicates that even its "intermediate phase" of the recent decline- that from the broken support level of $550 down to its previous support level of $480- may too have been induced by mild activity of panic selling/margin calls, which accelerated during the final phase.

The current profile during the rise is largely mirroring that of the decline, lending further support to the notion of a "natural recovery" back above $550 within 7-10 days.

Now trading at $507, the pair has crept back up to within 8% of its 200-day moving average, now worth $550- the price to beat. This is the lowest offset held for any reasonable duration during the last 10 days of trading.