BTC Technical Analysis: International Exchange Involvement Open Doors for SEC Bitcoin ETF Approval

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,700, $6,800, $6,900
Support levels: $6,500, $6,400, $6,300

Yesterday, August 7th, the BTC price was in a sideways trend. The sideways trend began when the bears broke the $7,000 price level to the downside and later price pullback above it. The bulls were attempting to have control of price at this level. The support level at $7,000 was regarded as a critical level. That was why the bearish breakout was powerful. However, today the bears have overpowered the bulls and price of Bitcoin has fallen to the low of $6,595.93.

Price is likely to fall to the $6,000 price level because that is the next support level. If the level hold long trades may be recommended at the $6,000 price level. However, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the 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 price of Bitcoin is in a bearish trend. 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 price is falling.

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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