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, August 1, the Bitcoin price was in a Bearish trend. The bears took price to the low of $7,480.76. Presently Bitcoin price is making a bullish movement from its low. The BTC price is likely be in a sideways trend. However, 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 38 which indicates that the market is oversold suggesting bulls to take control of the market.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in the support level of the market. The BTC price is making a bullish movement. The MACD line and the signal line are below the zero line which indicates a sell signal. Nevertheless, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that a bullish 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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