Bitcoin (BTC) Hits $8,425 USD: Top 5 Causes and Next Support Levels to Key in On

BTC/USD Medium-term Trend: Bearish

Resistance levels: $8,000, $8,100, $8,200
Support levels: $7,800, $7,700, $7,600

Yesterday, July 26th, the Bitcoin price was in a downward trend. The current bullish trend appears to have ended. A trend line has been drawn to determine the continuity of the bullish trend. Today, a bearish candlestick has broken the trend line and closed on the opposite of the trend line. This signals the end of the bullish trend.

The bulls took price to the high of $8.403.04 but price pullback to the low of $7,876.42. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, 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 45 which indicates that price is in the sideways trend zone.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the Bitcoin price 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 Bitcoin 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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