Bitcoin (BTC) Price Analysis – August 10

Azeez Mustapha
  • If the $6,000 price level holds, the price of BTC will become stronger again.
  • If the support level holds long trades are recommended in anticipation of a bullish trend.                                                              

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Ranging

Resistance levels: $6,400, $6,500, $6,600

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

Yesterday, August 9th, the BTCUSD pair was in a bearish trend. Yesterday, the price was approaching the $6,000 price and it was assumed that the bulls would defend the support level at $6,000. This was based on the fact that it had not been broken since November 2017. Today, the BTC price is fluctuating above the $6,000 price level. 

If this level holds, the cryptocurrency might retest the highs of $8,500 and $9,000. If not, BTC could fall to the lows of $5,450 and $5,000. However, if the support level holds long trades are recommended in anticipation of a bullish trend.

However, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the BTC price was falling.   

BTCUSD Short-term Trend: Ranging     

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

From the 4-hour chart, the BTC price is ranging at a price of $ 6,350. Meanwhile, the Relative Strength Index period 14 is level 32 which indicates that the market is oversold suggesting bulls might take control of the market.

 

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