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BTC/USD Medium-term Trend: Bullish

Resistance levels: $8,600, $8,700, $8,800
Support levels: $8,300, $8,200, $8,100

Yesterday, July 24th, the price of Bitcoin was in a bullish trend. Bitcoin price is still making a series of higher highs and high lows and it is trading at $8,403.04 as at the time of writing. A Fibonacci tool has been updated and attached to the chart. The Fibonacci tool is used to initiate trades in a trending market. In an uptrend, you can initiate long trades. While in a downtrend you initiate short trades. The principle behind the Fibonacci tool is that in an uptrend if an asset retraces from the recent high it will find support in one of Fib. retracement levels.

Therefore traders should initiate long trades if price tests any of the Fib. levels of 23.6. 38.2, 0.50, and 0.61. On July 24, you are expected to initiate long trades on the levels of 23.6 and 38.2. However, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The Relative Strength Index period 14 is level 85 which indicates that the market is overbought suggesting bears to take control of the market.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Bitcoin is in a bullish trend. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is above the exponential moving averages which indicate that the Bitcoin price is rising.

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

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