BTC/USD strikes back to keep above the 50-day MA

After performing on Sunday its first positive day in the last eighth, Bitcoin was trading negative again on Monday as the cryptocurrency remains in a negative sentiment environment. However, BTC/USD is fighting to keep prices above the 50-day moving average.

BTCUSD daily chart August 6

BTCUSD daily chart August 6

Bitcoin traded 1.50% negative on Monday at 6,930 against the US Dollar as bulls are trying to protect the 6,850 area. According to FXStreet Analyst Tomas Salles, BTC/USD is still trading “inside its bullish scenario despite the falls.”

In a recent article, Salles highlights that there are three central price congestion supports before the channel base: 6,850, 6,750, and 6,560-6,500. “Any movement inside these margins will not trigger any meaningful change of scenario, but it might offer some buying entry levels, with clear and close stops.”

Salles also comments that “MACD in the 4-hour chart shows a bullish cross structure, after a “MACD failure” pattern.”

Back on the chart, Bitcoin is testing the 6,920 are with the 50-day moving average acting as a catalyst. A close below that level would give bears more reasons to attack this the 6,920 again. Below there, check Salles levels and the 6,160 and the 6,000 as buying zones.

To the upside, the unit needs to hold the 6,920 level to build up a leg for a recovery. Immediate resistance is at 7,240, then 7,800. Above there, check for the 200-day moving average at 8,250 and July 24 high at 8,488.

Ethereum holds above 400.00

ETHUSD daily chart August 6

ETHUSD daily chart August 6

ETH/USD is trading in a small range just above the 400.00 level as the bulls have been defending that area since August 1. Ethereum is currently trading 0.20% down on the day at 404.25.

To the downside, with a break below 400.00, check for 395.00 as immediate support. Next supports are at the 2018 lows around 365.00, 345.00 and 281.00.

To the upside, ETH/USD needs to stay above the 400.00. Then, resistances are at 420.00. 450.00 and 461.00. Above there, check for the 600.00 area and the 200-day moving average at 635.70.

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