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BTC/USD Medium-term Trend: Bullish

Resistance Levels: $7,200, $7,400, $7,600
Support levels: $6,900, $6,800, $6,700

Yesterday, August 28th, the price of Bitcoin was in a bullish trend. Price of Bitcoin was making a series of higher highs and higher lows. Price was approaching the $7,000 price level and at the end of the day, the bulls broke the resistance level at $7,000. It was suggested yesterday that if the bulls break the $7,000 price level, traders should hold on to their long position.

Today, the price of Bitcoin is now ranging above $7,000 price level. It is likely that the bulls are consolidating on the price above the $7,000 price level. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend. The Relative Strength Index period 14 is level 74 which indicates that price is in a bullish trend zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the price of Bitcoin is in a bullish trend. 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 indicates that price is rising.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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