Bitcoin (BTC) Perpetual Contract Price Analysis: August 6
- On August 6, the bullish BTC price analysis is at $24702.
- BTC’s bearish market price analysis for August 6, 2022, is $21632.
- Bitcoin’s 50MA shows a downward trend.
In Bitcoin Perpetual Future (BTC) price analysis on August 6, 2022, we use price patterns, and the Moving Average of BTC to analyze the future movement of the cryptocurrency.
A perpetual contract is similar to a futures contract, which allows a person to buy or sell an asset at a predetermined date for a specified price. Perpetual contracts are gaining popularity in crypto because they allow traders to hold leveraged positions without the burden of an expiration date.
Bitcoin (BTC)
Cryptocurrency giant Bitcoin (BTC) operates free of any central control or the oversight of banks or governments. Instead, it relies on peer-to-peer software and cryptography. A public ledger records all Bitcoin transactions and copies are held on servers worldwide. Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain.
Bitcoin can be exchanged for cash just like any asset. There are numerous cryptocurrency exchanges online where people can do this but transactions can also be carried out in person or over any communications platform, allowing even small businesses to accept Bitcoin.
When Bitcoin was first launched it was possible almost instantaneously to mine a coin using even a basic computer. Miners also choose which transactions to bundle into a block, so fees of varying amounts are added by the sender as an incentive.
Bitcoin (BTC) Price Analysis
BTC price analysis on August 6 2022, is explained below with an hourly time frame.
A descending channel is a chart pattern formed from two downward trendlines drawn above and below a price representing resistance and support levels. It is a bearish chart pattern defined by a trendline supporting the series of lower lows and a diagonal resistance level connecting the lower highs. A descending channel is the exact opposite of an ascending channel. When the price is around the upper trendline, look for short opportunities, although aggressive traders could trade long and short at both trendlines looking for a bounce or pullback. Descending channels are useful due to their ability to predict overall changes in trends.
Currently, the price of BTC is $23205.82. If the pattern continues, the price of BTC might reach the resistance level of $24702 and the buy level of BTC is $23429. If the trend reverses, then the price of BTC may fall to $21632, and the sell level of BTC is $22645.
Bitcoin (BTC) Moving Average
The BTC’s Moving Average (MA) is shown in the chart below.
Currently, BTC is in a bearish state. Furthermore, BTC’s price slightly lies below 50 MA (short-term), also it lies below 200 MA. Once it completely moves above both 50 MA and 200 MA, then it is said to be in a bullish state. So currently BTC is completely in a bearish state. Moreover, there is a high possibility of a Trend reversal.
Disclaimer: The opinion expressed in this chart solely author’s. It does not interpreted as investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Read more: https://thenewscrypto.com/bitcoin-btc-perpetual-contract-price-analysis-august-6/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
