Bitcoin Price Analysis August 4

Bitcoin doesn’t have good times during recent days. The good news that are coming can’t affect the negative sentiment in the market. Looking at the daily chart – all the candles from past week are red. Could we see some break and end to this red? Maybe.

As reported in our last price analysis just two days ago, the two major support levels at $7600 and $7300 had broken down. Now Bitcoin is facing the next major support level at $7000. Keeping in mind that this current candle is very significant – the Moving Average 200 days lies at around $7150. Closing above can lead a correction move.

Breaking down the $7000 – and the important $6800 will be the test level. There is a very strong support term (the up-trend line shown on the chart below). Below that – $6600 and $6400 (weaker support levels).

From the bull side – the support-turned resistance levels at $7300 and $7600.

Bitcoin Prices: BTC/USD BitFinex 4 Hours chart

BTC Aug 4

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Source: Crypto Potato