Bitcoin Price Analysis (BTC) – August 2
BTC/USD is on track for having a fourth bullish day in a row as the bulls took the price up from $10,086 to $10,405 yesterday.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $12,000, $12,500, $13,000
Support Levels: $8,500, $8,000, $7,500
Bitcoin managed to stay in the green during the last three days before the weekend session. The new month has been favourable for Bitcoin and the entire crypto market. The BTC/USD has not only crossed the $10,000 mark but has also explored highs above $10,500. Despite the magnificent recovery, $10,600 remains undefeated, not to mention the $11,000 threshold.
Meanwhile, if there is an upside break, the price is likely to accelerate above $10,500 and $11,000 levels. The next key resistance is near the $12,000, $12,500 and $13,000 levels. On the downside, there are three extremely strong support levels at $8,500, $8,000 and $7,500. The Relative Strength Index (RSI) still holds position above 50. For now, the price is above the 21-day moving average, which is a key bullish indicator.
BTC/USD Medium-term Trend: Bullish (4H Chart)
The phenomenon recovery from $9,500 gave Bitcoin a kick above the moving average. Bitcoin price traded higher and broke the key $10,400 resistance level against the US Dollar. The price is placed nicely above the $10,400 level; it recently tested the $10,600 area. Though Bitcoin price remains in an uptrend, it may soon accelerate above the $11,000, $11,200 and $11,400 resistance levels.
As a result, a downward correction to the $10,200 level may result in significant short-term buying interest. If there is a break below the support of $10,200, the price could revisit the support levels of $10,000, $9,800 and $9,600 while the MACD indicator is slowly losing momentum in the bullish zone.
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