Bitcoin price analysis (BTC) – 6 August


  Bitcoin, BTCUSD, chart CryptoCompare Bitcoin chart for trading view

Bitcoin Price Medium-term trend: Bearish

Resistance levels: $ 7,000, $ 7,100, $ 7,200

Levels of support: $ 6,800, $ 6,700, $ 6,600

The price of Bitcoin was down compared to last week after its failure to break the resistance level at $ 8,400. Today, if the price of BTC breaks the price level of $ 7,048.63, the price of Bitcoin will probably find support for $ 6,500 or $ 6,000.

If bears resist that price level, the price of BTC will begin a movement related to the interval. However, the MACD line and the signal line are above the zero line indicating a purchase signal. But Bitcoin price bars are under the 12-day EMA and the 26-day EMA indicating the bearish trend is underway.

Short-term trend BTCUSD: Bearish

 BTCUSD 4 hours (August 6) TV.png Bitcoin chart of Trading View

In the 4-hour chart, the price of Bitcoin is making a series of lower highs and lower lows. On 4 August, the price of BTC was on a range range movement after the downtrend and the price is likely to fall according to moving averages. The Relative Strength Index Period 14 is level 32 which indicates that the market is oversold which suggests the bulls take control of the market.

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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