Bitcoin Is Still Struggling, Will The Bear Occupy The Whole August?

 2021-08-03 08:21:04

Bitcoin price started a fresh decline from $42,000 since Aug. 1st. It broke the key $40,000 support level and entered into a short-term bearish zone. It traded as low as $37,990 a few hours ago. The price is now consolidating gains above the $38,500 level.

 

The recent high is $42,889(Jul.30) and the main resistance is now forming near the $40,000 level. If there is an upside break above the trend line, Bitcoin could rise back to $42,000. The next major resistance on the upside is near the $42,200 zone. If Bitcoin fails to climb above the $40,000 resistance levels, it could continue to move down. An initial support on the downside is near the $38,300 level.

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The first major support is now near the $38,500 zone. If a downside break below the $38,500 support might indicate that the bear is dominant. And then the next major support is near the $37,000 zone.

 

Technical indicators:

Hourly MACD–The MACD is now gaining pace in the bearish zone.

Hourly RSI–The RSI is now below the 50 level.

Major Support Levels–$38,500, followed by $37,000.

Major Resistance Levels–$39,250, $40,000 and $40,500.

 

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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