Bitcoin (BTC/USD) Trade Valuation Heightens Northward
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Bitcoin Price Prediction – August 1
The BTC/USD trade valuation heightens northward as price pushes around the level of $42,064. The crypto trade’s percentage rate stands at about 0.63 as of writing.
BTC/USD Market
Key Levels:
Resistance levels: $45,000, $47,500, $50,000
Support levels: $37,500, $35,000, $32,500
BTC/USD – Daily Chart
It now exhibits on the BTC/USD daily chart that the crypto trade valuation heightens northward. The market almost lost the current upside forces during the July 26th business operation while the market reversed against the resistance line at $40,000. Since July 28th session, the crypto trade valuation has been featuring smaller-upside forces a bit above the point earlier mentioned. The 50-day SMA trend-line is over the 14-day SMA trend-line as the bullish trend-line is systemically drawn northward across the SMAs to indicate the uptrend path that the crypto trade keeps. The Stochastic Oscillators are in the overbought region with their lines conjoined, moving in a consolidation manner. That indicates that the pressures to the upside still prevail in the market.
Is there the probability that the crypto’s price pushes to a higher value near the resistance at $45,000 as trade valuation heightens?
A higher point could achieve if the crypto’s price holds strong in a consolidation moving manner as the trade valuation heightens northward. The achieving of higher more points may feature in a low-active motion. A day bearish candlestick that tends to engulf about four or five days’ sessions will portend the potential downward force return of the market. However, it is more hope that the crypto is still in the trading situation of recovery even as it is currently trading in an overbought capacity zone.
On the downside, the BTC/USD market bears needed to be watchful of motion that could take place at a mid-point of between $40,000 and $45,000 to spot a reversal of an upward movement before considering launching a sell position around those levels. A late entry may eventually run into a bear’s trap. Therefore, traders should be considerate of their entries once exerted. In addition, each exertion of entry needed to back up with an active price action signifying a specific direction at a material trading time.
BTC/USD 4-hour Chart
The BTC/USD medium-term chart shows that the crypto trade valuation heightens northward in bullish channel trend lines. Variant bullish candlesticks have been featuring on the buy signal side of the smaller SMA indicator. The lower bullish channel trend-line drew alongside the trend-line of smaller SMA. The 50-day SMA is beneath the 14-day SMA. The Stochastic Oscillators are around the range of 80 with closed lines, trying to point southbound to suggest a downward force. If the pressure heightens, the level at $40,000 will breach to the downside.
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