BTC/USD Medium-term Trend: Ranging
Resistance levels: $8,200, $8,300, $8,400
Support levels: $8,000, $7,900, $7,800
Yesterday, July 30, the Bitcoin price was in a sideways trend. The bulls may lose possession of price above the $8,000 price level. The bears are making another attempt to bring price to its previous low. On the other hand, if the $8,500 price level is broken, the bulls will have little resistance at the $9,000 price level. Then price of Bitcoin would have reached the high of $10,000 price level.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is neither above nor below the 12-day EMA and the 26-day EMA which indicates that Bitcoin price is in a sideways trend. The relative strength index period 14 is level 51 which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC price is in a sideways trend. The MACD line and the signal line are at par with the zero line which indicates a neutral signal. Nevertheless, the price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicate that the Bitcoin price is in a sideways trend.
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