Bitcoin Price Medium-term Trend: Bearish
Resistance levels: $7,600, $7,700, $7,800
Support levels: $7,400, $7,300, $7,200
Yesterday, August 1, the BTC price was in a downward trend. Today, the price of the cryptocurrency has reached the support level.
It is not likely price will break the support level of $7,400. If price did break that level, the BTC price will find support at $7,200. If the support level of $7,400 holds traders should initiate long trades. From the chart, the MACD line and the signal line are above the zero line which indicates a buy signal for the BTC price.
Also, the price of Bitcoin is below the 12-day EMA which indicates that the bearish trend is ongoing.
Bitcoin Price Short-term Trend: Ranging
On the 4-hour chart, the Bitcoin price is in a bearish trend. On the second day of losses, August 1, the price fell to its low and commenced a range bound movement. Meanwhile, the Relative Strength Index period 14 is level 30 which indicates that the market is oversold suggesting bulls to take control of the market.
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