Bitcoin Price Technical Analysis (BTC/USD) Saturday, August 4, 2018

Saturday day is moving forward, and the Bitcoin price breaks the support in the $ 7370 keeping the exponential moving averages to a bearish cross which can cause a fall in the price that touches the $ 5800 in historical support.

The “false” news related to the possibility of buying products in Starbucks caused an interest by investors, but hours later this interest became alarmed after it was announced that Starbucks will not accept Bitcoins, but rather that the user can buy at Starbucks through a payment system created by Microsoft and ICE. So Starbucks really would not be receiving Bitcoins directly.

Having postponed the Bitcoin ETF causes the market to lose interest and also creates an atmosphere of distrust among investors thinking that the BTC could go looking for minimums in the coming days. At this moment it is difficult to predict what the BTC movement will be since it is driven by fundamentals being sensitive to the minimum signal of fear in the market.

There is not much to say, other than the price of Bitcoin suffers a new fall in which the mobile average cross and the RSI announce a high probability of fetching $ 5800 in the coming days. I think that many investors and whales are going to move their cards to bring about a minimum price before a new session of the SEC regarding the ETFs in September.

Bitcoin is currently below 23.60% of the Fibonacci retracement since its highest price reached on July 24. The bears are dominating Today’s Saturday session.

4-hour BTC / USD chart via Coinbase

Analysis for informational purposes does not represent financial advice. Credits: TGpress & TradingView