BTC/USD daily chart

BTC/USD daily chart

Gate Trade Bitcoin Monday, August 3, 2020 933 2

As the pair is in a trending move a 20-day exponential moving average, and the directional movement indicator has been used on the charts.

 

The average directional movement index (ADX) is above 41 level, which suggests that the trend is strong. The positive directional indicator (+DI) is above the negative directional indicator (-DI), which suggests that the bulls have the upper hand.

 

Today, the BTC/USD pair reached an intraday high of $12,113.50, which is just below the $12,304.37 resistance. This attracted aggressive profit booking from some short-term bulls that dragged the price down to $10,525.

 

This resulted in a large outside day candlestick pattern, which sometimes indicates a reversal. For the trend to turn negative, the bears will have to sink and sustain the price below $10,400.