BTC/USD Medium-term Trend: Bearish
Resistance levels: $7,400, $7,500, $7,600
Support levels: $7,500, $7,400, $7,300
Yesterday, August 2nd, the Bitcoin price was in a Bearish trend. The BTC price made some bullish movement to the high of $7,662.46 but the price fell to the low $7,348. The BTC price broke the $7,400 support level and pulled back. However, it is likely the cryptocurrency will fall to the previous low of $7,200.
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 28 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 now in a smooth downward trend. 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 below the 12-day EMA and the 26-day EMA which indicate 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.