terça-feira, 8 de agosto de 2023

Bitcoin (BTC) Price Analysis for August 8

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Buyers have seized the initiative as all of the top 10 coins are in the green zone.

Top coins by CoinMarketCap

Top coins by CoinMarketCap

The rate of Bitcoin (BTC) has risen by 1.48% over the last 24 hours.

BTC/USD chart by TradingView

Image by TradingView

On the hourly chart, the rate of Bitcoin (BTC) is in the middle of the local channel, between the support at $29,135 and the resistance at $29,585. There are low chances of seeing any sharp moves today as the coin has passed most of its ATR. In this case, sideways trading around $29,400 is the more likely scenario until tomorrow.

BTC/USD chart by TradingView

Image by TradingView

Despite today's rise, the rate of Bitcoin (BTC) is not ready yet for a sharp move as the price is far from the main levels. One can think about a bullish trend reversal only if BTC gets back to the $30,000 zone and fixes above it.

BTC/USD chart by TradingView

Image by TradingView

From the midterm point of view, one should pay attention to the support at $28,830, formed by a false breakout. If bulls can hold the rate above $29,000, there is a possibility of seeing a local rise to the $30,000 range soon.

Bitcoin is trading at $29,470 at press time.

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

With more than 5 years of trading, Denys has a deep knowledge of both technical and fundamental market analysis. Mainly, he has started his blog on TradingView where publishes all relevant information and makes predictions about top coins.
Thus, his experience is backed up by working in top blockchain related companies such as W12, Platinum Listing, ATB Coin, and others, can be contacted at denys.serhiichuk@u.today.

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