Bitcoin Analysis 29 July 2018

BTC $8201.4 +0.65% dipped to $7,900 on the recent denial of the Winklevoss brothers Bitcoin ETF application, and the postponement of Direxion BTC ETF decision by the SEC, but it’s clear that current events were not the sole factor for this mild pullback. As Bitcoin rallied to new monthly highs it also became oversold but the king of cryptocurrencies recovered quicker than expected and now appears to be gearing up to retest the 200-day MA at $8,476.

One hour chart

Bitcoin $8201.4 +0.65% stays over the climbing trendline and is right now exchanging inside a tight $200 dollar territory along the $8,225 bolster which is likewise marginally over the 100-day MA. An example of higher-lows and higher-highs can be seen and despite the fact that the 5-day MA has started to plummet toward the 10-day MA, the 10 keeps on rising while BTC presently exchanges over the 20 and 100-day MA. In the meantime, the 50 MA is likewise during the time spent intersection over the 100-day MA.

At the season of composing, both the RSI and Stoch are falling towards bearish region. Be that as it may, there is delicate help at $7,940 and a sturdier help at $7,750 and $7,400. In the event that BTC falls underneath the bullish trendline at $7,984, a return to the $7,750 support could happen. The 5, 10 and 20-day moving midpoints stay over the 100-day MA, proposing that the easiest course of action supports extra upside additions and current specialized pointers recommend that BTC will keep on trading inside the $8,100 to $8,300 territory for the here and now.