FX.co ★ Technical analysis on Bitcoin for August 8th, 2023.

Blue lines- short-term bearish channel

Red line- medium-term support trend line

Bitcoin is trading around $29,708. Medium-term trend remains bullish as long as price trades above the red upward sloping trend line. This support trend line is found at $27,800. In the near term Bitcoin price is showing signs of strength. Bitcoin price is breaking out and above the blue bearish channel it was in since mid of July. Latest high is at $30,000. Bulls breaking out of the bearish channel is the first step, but they also needd to recapture $30,000 price level in order claim control of the short-term trend. Yesterday's low at $28,660 is important short-term support. Failure to hold above it will lead price towards the red trend line support.