FX.co ★ Bitcoin analysis for July 31, 2018

Trading recommendations:

According to the H4 time - frame, I found that price is trading inside of the downward channel (consolidation), which is a sign that price may go lower to re-test support of channel before potential bullish continuation. My advice is to watch for a potential retracement from support of the channel before buying positions. If you see valid rejection of support (a lower diagonal of the channel), watch for buying opportunities. The upward target is set at the price of $8.445.

Support/Resistance

$8.445 – Intraday resistance

$7.762– Intraday support

$8.445 – Objective target

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