bitcoin price analysis and forecast

daily chart :

Bitcoin is limited between the $7,400 support and the $7,500 resistance overhead. The same pattern of rejections at the moving averages can be seen as bitcoin continues to meet resistance at the 20 and 100-day MA. At the time of writing the RSI has flat-lined right at 50 while the Stock is long oversold, but a review of the both oscillators on the 4-hour chart supports the possibility of a breakout as described above.

The 55 EMA and 20 MA on the daily chart continue to ascend which lends further validity to the interpretation of the current pullback being a short term bearish trend, but there are few supports below $7,350 – $7,200 so a drop below these point could lead bitcoin to revisit $6,750.

forecasting ahead :

Bitcoin could break out to $ $7,750 over the next 24 hours but is likely to encounter resistance at $7,800 where the 100-day MA is situated.

Those trading on the 30 minutes, 1 hour and 4-hours chart should set their sell orders a short of the moving averages and former supports as there is a pattern of rejection at these points on the 4-hours chart.

This 1-hour chart suggests that failure to hold the $7,400 support will drop bitcoin to $7,100 – $6,800 but most charts show little support under $7,350 until $6,750.

source : https://cryptonewsmonitor.com/2018/08/04/bitcoin-price-analysis-buy-the-rumor-sell-the-news/