July 29, 2018 - 7:39 GMT
Technical outlook
- Current trend on H4: Uptrend
- Expected movement: Neutral
- Trading recommendation: Stand aside and wait for opportunities; pay attention to the 7656 – 7770 support zone and the 8452 resistance level.
BTC/USD is trading sideways on the H4 chart. The preferable tendency is still bullish; however, the MACD currently offers very few clues about the next steps of market participants. At this juncture, we suggest traders should stand aside and wait for new trading opportunities. The nearest support zone is ascertained around 7656 – 7770, where we should watch for a buy-a-bounce occasion. Alternatively, the 8452 resistance level will be brought into focus if prices trade there as a potential breakout to the topside may happen.
July 30, 2018 - 3:05 GMT
Technical outlook
- Current trend on H4: Uptrend
- Expected movement: Neutral
- Trading recommendation: Stand aside and wait for opportunities; pay attention to the 7656 – 7770 support zone and the 8452 resistance level.
BTC/USD was little changed in the final two days of the previous week. The MACD is showing a gradual decrease and this continuation may signal prices to point South for the foreseeable future. The key support zone is determined around 7656 – 7770, where a bounce may happen. Traders should pay a close attention to this.
July 31, 2018 – 11:04 GMT
Technical outlook
- Current trend on H4: Uptrend
- Expected movement: Bearish
- Trading recommendation: Stand aside and wait for opportunities; pay attention to the 7656 – 7770 support zone.
BTC/USD witnessed a sharp fall to 7836 yesterday but quickly found fresh buyers around this level. However, bulls’ weakness promptly showed up, leading to another descent. With the MACD decrease extending, a retest of the 7656 – 7770 support territory in the near-term is highly likely. Short-term traders can take this bearish opportunity; nonetheless, we don’t recommend to go against the primary trend. The best approach now should be patiently waiting for signs of a bounce from the solid support area.
