As Bitcoin's Amplitude Decreases, Can It Retake The 40K?

 2021-08-05 09:23:17

Bitcoin price started an increase from the $37,500 support yesterday but began to decrease in the late night((Aug. 4, UTC)). BTC start the day above $39K and now is trading around $38K.

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From the hourly chart, MACD continues to be in the overbought range. It can be observed in the figure that the frequency of large sell orders is significantly faster than large buy orders, and the long-short ratio continues to rise at this stage. It seems that Bitcoin is moving into a negative zone.

 

However, the decreasing amplitude is shrinking that which may indicate Bitcoin is struggling to retake the $40K within today. Now the $39,500 becomes the resistance for Bitcoin, once it turns it to the support line, BTC can go to the coveted $40,000, and then challenge the $42,000. If Bitcoin fails to build up strong support above $37,500, then it can fall below $37,000 and take some time to recover.

 

Technical indicators:

Hourly MACD – The MACD is slowly losing pace in the bearish zone.

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

Major Support Levels – $38,750, followed by $38,000, $37,500.

Major Resistance Levels – $40,000, $40,200 and $41,200.

 

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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