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BTC/USD Daily — August 7th, 2018

· 07 Aug 2018 in Bitcoin

BTC/USD Daily — August 7th, 2018

The BTC/USD Daily report for August 7th, 2018

The 1 day range for BTC is $6907 – $7150. It is currently up 2.14% in the last 24 hours.

Today’s BTC/USD Headlines

Bitcoin price is ‘bouncing back’

  • “Wall Street bull Tom Lee says the cryptocurrency is gradually regaining market share — which should comfort bitcoin buffs.”

Wall Street to Give Bitcoin Another Boost

  • “Wall Street is working on a new platform which will ease the trading, storing and spending digital assets.”

Bitmain investing $500million in a Texas-based mining facility

  • “Bitcoin (BTC) mining firm Bitmain will build a $500 million blockchain data center and mining facility in Texas as part of its expansion into the U.S. market, the company revealed in a press release August 6.”

BTC/USD Trading Technicals

Screen Shot 2018 08 07 at 8.33.24 PM

Technicals from Tradingview.com

Even with the BTC increase of +2%, most factors are signaling to sell or short BTC/USD right now. Moving averages are almost completely in the red territory. This despite a string of good news from banks (Goldman Sachs) and adoption (Bakkt plans from NYSE). Starbucks has clarified it won’t be accepting BTC, but it hasn’t ruled it out in the long term. Traders have shown some optimism in BTC over the last 24 hours, but there’s uncertainty if it can break major barriers it has seen like $7200 and higher at $7400. Likely, we’ll see a drop again below $7000 and again battling support levels near $6950 and $6900.

BTC/USD Trading Charts

T.A. from user Vaidoveek with a BTC LONG outlook

Screen Shot 2018 08 07 at 8.36.44 PM

T.A. from user xuanhaimmoer with a BTC short outlook

Screen Shot 2018 08 07 at 8.37.29 PM

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