Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

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

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

Yesterday, August 7th, the BTC price was in a bearish trend. It was suggested that if the bears break the $7,048 price level, the BTC price would fall either to the low of $6,500 or $6,000. The bulls failed to hold on to the $7,048 price level following the SEC’s postponement of the bitcoin ETF decision.

However, the BTC price may likely fall again to the previous low of $6,000 because it was a support level. Meanwhile, 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: Bearish 

Bitcoin, BTCUSD, CryptoCompare chartBitcoin Chart by Trading View

From the 4-hour chart, the BTC price made a partial bullish movement before its eventual bearish breakout. The price fell from $7,142.03 to the low of $6,456.10. The bearish pressure is likely to continue to the support level. Meanwhile, the Relative Strength Index period 14 is level 22 which indicates that the market is oversold suggesting bulls might take control of the market.

 

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