1 August Bitcoin Price Technical Forecast: Could Bitcoin extend declines towards $7,400?

Bitcoin price breaks $7,800 critical support. Could the price extend declines towards $7,400? What does the following 1 August Bitcoin Price Technical Forecast reveal?

1 August, AtoZ Markets – Bitcoin price is still languishing in selling pressure after plunging below $8,000. However, the price appears to be strongly supported at the 23.6% Fib retracement level between the lows of 7,207.40 and a high of $8,490.39 marginally above $7,500.

Bitcoin Price Breaks $7,800 Critical Support

Bitcoin trend is still bearish, besides it opened the trading on August 1 at $7,726.16 while it’s currently changing hands at $7,540 at the time of writing. 

BTCUSD staged a recovery during the European trading hours but it lost momentum at $7,644.34 leading to lower corrections that are testing the support at $7,500.

1 August Bitcoin Price Technical Forecast

Technically, Bitcoin is likely to break the support following the signals technical indicators are sending. The MACD is at -100; the lowest it has reached since the decline on June 22 where it dropped to -146.

The stochastic, on the other hand, had recovered from the oversold, but it is at 32.3% and heading south. The immediate resistance for BTCUSD sits at $7,550, while the key intraday cap is at $7,644.34.

The next resistance target and a critical breakout position is the 38.2% Fib retracement level between the highs of $8,490.39 and the lows of $7,207.40 at $7,700.

BTCUSD 1-hour chart

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