BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100
Yesterday, August 9th, the BTC price was in a sideways trend. Also, the price was approaching the $6,000 price level probably to test the level. We were of the opinion that the bulls will defend the critical support level at $6,000. Today, the BTC price is making a bullish movement out of the support level of $6,000. The BTC price fell to the low of $6,250.11 but it is currently trading at $6,450.79 as at the time of writing.
If the level holds, it is a must for traders to initiate long trades in anticipation of a bullish trend. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. The Relative Strength Index period 14 is level 39 which indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a bullish trend. The BTC price made a bullish movement then retraced to a sideways movement. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that a bullish trend is ongoing.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.