Bitcoin (BTC) Price Analysis – August 3

  • The cryptocurrency’s price is below the 12-day EMA and the 26-day EMA which indicates the bearish trend is ongoing.
  • Its  price may likely fall to the lows of $7,200 and $7,000.

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

Bitcoin Price Medium-term Trend: Bearish

Resistance levels: $7,400, $7,500, $7,600

Support levels: $7,200, $7,300, $7,400

Yesterday, August 2, the price of Bitcoin entered the third day of its bearish pressure. The cryptocurrency’s price was at $7,324.63 at the end of the day. It was assumed that if it broke the support level at $7,400, the cryptocurrency would find support at $7,200. However, since the $7,400 was broken the price may depreciate again.

Bitcoin may fall to lows at $7,200 and $7,000. Meanwhile, the MACD and signal lines are above the zero line which indicates a buy signal for BTC.  The cryptocurrency’s price is below the 12-day EMA and the 26-day EMA which indicates the bearish trend is ongoing.                                                                                

Bitcoin Price  Short-term Trend: Bearish      

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

On the 4-hour chart, Bitcoin is in a bearish trend. From the chart, its price fell to a low of $7,348.50, after a range bound movement. Meanwhile, the Relative Strength Index period 14 is level 26 which indicates that the market is oversold, suggesting bulls may take control.                                                                                                                                                                                                                                                                                   
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