Ongoing Trade War Could Help Bitcoin Become the New Gold

BTC/USD Medium-term Trend: Bullish

Resistance levels: $8,200, $8,300, $8,400
Support levels: $8,000, $7,900, $7,800

Yesterday, July 25th, the Bitcoin price was in an uptrend. The bulls are still holding on the $8,000 price level. One of the principles of the Fibonacci tool is that if price retraces from the recent high, it will find support on one of the Fibonacci retracement levels. If price founds the retracement level and rebounds, then it is a signal to resume the bullish trend. Presently, BTC price has retraced from the high of $8,403.04 and we are waiting for the resumption of the bullish trend.

Traders can initiate long trades on the 23.6 Fib. level, if Bitcoin price resumes the bullish trend. Meanwhile, 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 66 which indicates that the price is in the bullish trend zone.

BTC/USD Short-term Trend: Bullish

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