Bitcoin (BTC) Daily Price Forecast – 7 August

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BTC / USD Mid-term trend: Bearish

Level Resistance: $ 7,000, $ 7,100, $ 7,200
Levels of support : $ 6,800, $ 6,700, $ 6,600

Yesterday, August 6, the price of Bitcoin was in a bearish trend It was assumed yesterday that the price will rise to the support level of $ 7,000 But the price of Bitcoin has closed at a price of $ 6,916,378 as of yesterday. Today, the bulls have put an end to bearish pressure bringing the price of BTC to a sideways trend.

The cryptocurrency will continue its lateral tendency until the price of BTC another breakout. However, the MACD line and the signal line are below the zero line indicating a sell signal. Bitcoin price bars are under the 12-day EMA and the 26-day EMA indicating that the bearish trend is underway. The index 14 of the relative resistance is the level 31 which indicates that the market is oversold which advises the bulls to take control of the market.

Short-term trend BTC / USD:

In the 1 hour chart, the price of Bitcoin is in a lateral trend. The MACD line and the signal line are below the zero line indicating a sales signal. However, Bitcoin price bars are neither lower nor higher than the 12-day EMA and 26-day EMA indicating that the price is in a lateral trend zone.

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

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