Reading: Bitcoin Price Analysis: Bears Take the Bull by the Horns Eustace Cryptus | Aug 01, 2018 | 01:00 Running bulls have turned to bears as a lower high was notched on the weekly chart. A clear pattern of lower highs and lower lows can be seen on the 4-hour and hourly chart.

Yesterday’s abrupt drop to $7,860 was followed by an equally surprising recovery to $8,130 and, after a weekend of tightly range-bound trading, some drastic move to either the upside or downside was expected. Some would say the writing was on the wall as a closer look at the 4-hour chart reveals that Bitcoin was in danger as it dropped far below the lower arm of the Bollinger band indicator before Bitcoin recovered to $8,130 then increasingly pushed against and fell below the lower band again as the day progressed.

At the time of writing, BTC $7606.88312603 +0.37% sits slightly below the 100-day MA and further decline could lead to a dip below the 20-day MA. Both the Stoch and RSI have slid into oversold territory and the short-term bullish trend appears to have reversed.

00 dropped below the $7,750 support, and the most immediate support is $7,400. Selling volume has increased over the past few sessions and if BTC falls below the $7,400 support a drop to $6,720 then $6,240 could occur.”

width=”980″ height=”603″> BTC $7606.88312603 +0.37% dropped below the $7,750 support, and the most immediate support is $7,400. Selling volume has increased over the past few sessions. Read more from bitcoinist.com…

thumbnail courtesy of bitcoinist.com