RATE Group | Bitcoin Price Intraday Analysis: BTCUSD Bearish Pattern Continues
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Bitcoin Price Intraday Analysis: BTCUSD Bearish Pattern Continues

01 Aug Bitcoin Price Intraday Analysis: BTCUSD Bearish Pattern Continues

Posted at 18:29h in Bitcoin News by

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bitcoin price

It is not a new day for Bitcoin speculators, for the prevailing bearish bias in the market has been intensified further following a strong selling round.

The day started with BTC/USD sticking to its chop-mood before invalidating a significant support level at 7814-fiat yesterday. We had discussed two outcomes in our previous analysis following the downward breakout: either, there will a strong pullback to reestablish support near 7814-fiat, or a bearish continuation towards the next downside target at 7459-fiat, coinciding with our 38.2% Fibonacci retracement level. As one can notice in the chart below, the latter happened.

Luckily, we were prepared for this bear-run and had placed an extended short towards 7459-fiat. We exited the position on a decent profit and are now re-evaluating our intraday positions for the rest of the US trading session. But before we dwell into discussing our positions, let’s check out what the technical indicators on 4H BitFinex chart are…

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