Bitcoin price analysis (BTC) – 7 August

  Bitcoin, BTCUSD, chart CryptoCompare Bitcoin chart of Trading View

BTCUSD Medium-term trend: Bearish

Resistance levels: $ 7,100, $ 7,200, $ 7,300

Levels of support: $ 6,900, $ 6,800, $ 6,700 [19659005] Yesterday, August 6, the price of BTC was falling. It was assumed that if the price were to break the $ 7.048 price level, the bit would fall to $ 6.500 or $ 6,000. However, the price fell to the low of $ 6,941.85 and lowered to the price above $ 7,000. Yesterday, in the lower time slot, the price of the BTC had been set at the $ 6,941.85 range.

Later the price of BTC had a bullish rise above the $ 7000 level. Today, the price of Bitcoin is likely to rise and could possibly retest the price level by $ 8,400. Meanwhile, the MACD line and the signal line are above the zero line indicating a purchase signal. In addition, the price of Bitcoin is lower than 12 days for EMA and 26 days for EMA, which indicates that the price had previously decreased.

Short-term trend of BTCUSD: bullish.

 Bitcoin, BTCUSD, CryptoCompare chart Bitcoin Chart by Trading View

From the 4-hour chart, a downward trend line is attached to determine the continuity of downward pressure. On the chart, a bullish candelabra broke the bearish trend line and put an end to the downtrend. The assumption is that if the price breaks a trendline and the candlestick closes opposite, we can say that the previous trend is over. In other words, we could see a return to the uptrend.

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

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