RATE Group | Bitcoin (BTC) Price Watch: Last Chance for Bulls?
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Bitcoin (BTC) Price Watch: Last Chance for Bulls?

06 Aug Bitcoin (BTC) Price Watch: Last Chance for Bulls?

Posted at 06:15h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is in the middle of a larger correction to the area of interest previously highlighted.
  • If support holds, bitcoin could recover to the Fibonacci extension levels marked on the 4-hour time frame.
  • Technical indicators appear to be suggesting that there’s still a chance for bulls to charge at these levels.

Bitcoin price is making a deeper correction from its earlier rally, and technical indicators suggest that the climb could resume.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. This basically means that it’s more likely for the uptrend to resume than to reverse. However, bitcoin price is below the 200 SMA dynamic inflection point to signal weaker bullish pressure.

Price is still within the area of interest or former resistance around $6,800 to $7,000, which might hold as support from here. A rising trend line can also be drawn to connect the lows…

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