Bitcoin Price Analysis – July 4

Azeez Mustapha
  • Price of Bitcoin found support at 0.236 Fibonacci retracement level.
  • In the medium term trend, the MACD line and the signal line are still below the zero line which indicates a  sell signal.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

BTCUSD Medium-term Trend: Bearish

Resistance Levels: $6,600, $6,700, $6,800

Support Levels: $6,400, $6,300, $ 6,200

Yesterday, July 3, price of  Bitcoin was in a bearish trend. The price of the cryptoasset is appreciating in value since the beginning of July 2018. On June 2, the price of Bitcoin reached the high of $6,604.32 but fell to the low of $6,451.45 . Later, the cryptoasset resumed its range bound movement.

However, the MACD line and the signal line are still below the zero line which indicates a sell signal. Also, the 12- day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is continuing.

BTCUSD Short-term Trend: Bullish

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by TradingView

On the 4-hour chart, the price of Bitcoin is in a bullish trend. As price of Bitcoin is making a bullish movement, traders are to look for buy setups. A Fibonacci tool is attached to the chart to enable us determine the support levels of the cryptoasset.

The principle behind the Fibonacci tool is that if price retraces from the recent high it will find support at one of  the Fib retracement levels. The price of Bitcoin has retraced to the Fib 0.236 retracement level. Traders can initiate long trades at that level. You can see the green bullish candlesticks in between the moving averages.

 

The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.