3 August Bitcoin Price Technical Forecast: BTCUSD upside limited by 50% Fibo

Bitcoin is a sitting duck above the support we explored in an earlier analysis at $7,300. What should buyers expect next? This will be highlighted in the following 3 August Bitcoin Price Technical Forecast.

3 August, AtoZ Markets – The cryptocurrency is trading as though afraid of making bigger movements. It is slightly bullish, but the bulls lack the power to push it past the resistance at $7,400 which is close to the 50% Fib retracement level with the previous swing high of $8,465.79 and a low of $6,345.32.

3 August Bitcoin Price Technical Forecast

The support at $7,300 is strong enough to hold the price if the volatility levels shown by the Bollinger Bands remain stable. The 21 day simple moving average on the hourly chart will also offer resistance marginally above the 50% Fib level.

Bitcoin buyers must sustain movement above $7,400 (key resistance) for a breakthrough towards $7,500 and eventually above $7,600. The upper supply zone lies at the 61.8% Fib level at $7,657.31 (ultimate intraday resistance).

BTCUSD hourly chart 

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