Bitcoin (BTC) Perpetual Contract Price Analysis: August 3

Bitcoin (BTC) Perpetual Contract Price Analysis: August 3
  • On August 3, the bullish BTC price analysis is at  $25970.
  • BTC’s bearish market price analysis for August 3, 2022, is $20810.
  • Bitcoin’s MA shows an downward trend.

In Bitcoin Perpetual Future (BTC) price analysis on August 3, 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 held on servers worldwide. Every transaction publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions 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 added by the sender as an incentive. 

Bitcoin (BTC) Price Analysis

BTC price analysis on August 3 2022, is explained below with an hourly time frame.

BTC/USDT Ascending Channel Pattern (Source: Tradingview)

An ascending channel, defined as the price action contained between two parallel upward-sloping lines. This price pattern distinguished by higher highs and lower lows. An ascending channel, created by drawing a lower trend line that connects the swing lows and an upper channel line that connects the swing highs.

Price does not always remain entirely formed within the parallel lines of an ascending channel, but instead shows areas of support and resistance that traders can use to set stop-loss orders and profit targets. A breakout above an ascending channel may indicate a continuation of the upward trend, whereas a breakdown below an ascending channel may indicate a change in trend.

Currently, the price of BTC is $23418.06. If the pattern continues, the price of BTC might reach the resistance level of $25970 and the buy level of BTC is $24195. If the trend reverses, then the price of BTC may fall to $20810, and the sell level of BTC is $22390.

Bitcoin (BTC) Moving Average

The BTC’s Moving Average (MA) is shown in the chart below. 

BTC Perpetual Future MA (Source: Tradingview)

Currently, BTC is in a bearish state. However, BTC’s price slightly lies above 50 MA (short-term), but it lies below 200 MA. Once it completely moves above both 50 MA and 200 MA, then it said to be 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.

A dedicated writer who shows her interest in writing all sorts of content about the cryptocurrency market in NewsCrypto. She is an enthusiastic reader and writer with passion for sharing crypto news and trends.