Bitcoin (BTC) Technical Analysis: Chart Formations Hint of Further Gains

BTC/USD Medium-term Trend: Bearish

Resistance levels: $7,700, $7,800, $7,900
Support levels: $7,500, $7,400, $7,300

Yesterday, July 31, the Bitcoin price is in a Bearish trend. The bulls were preparing to retest the $8,500 price level before the bears came and brought price down to the previous low. The price fell from the high of $8,176.69 to the low $ 7,667.45. Today, the price is now trading at $ 7,533.70 as at the time of writing.

Traders should look out for buy setups and initiate long trades at the support level. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. The relative strength index period 14 is level 25 which indicates that the market is oversold suggesting bulls to take control of the market.

BTC/USD Short-term Trend: Bearish

 

On the 1-hour chart, the BTC price is in a bearish outlook. The MACD line and the signal line are below the zero line which indicates a sell signal. Nevertheless, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing.

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

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