Bitcoin (BTC) Price Analysis – August 2

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

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   

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

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.

 

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