BTC/USD Medium-term Trend: Bearish
Resistance Levels: $7,100, $7,200, $7,300
Support levels: $6,900, $6,800, $6,700
Last week the price of Bitcoin was in a downward trend and later in a sideways trend after its failure to break the $8,400 price level. The breaking of the $8,400 price level would have seen the cryptocurrency reach the highs of $9,000 and $10,000 . Today, the BTC price is in a sideways trend at a price of $7, 116.46.
Price is expected to rise because it is in the previous support zone where price had its bullish trend. However, the MACD line and the signal line is below the zero line which indicates a sell signal. The price bars of Bitcoin are 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 35 which indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin is in a sideways trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Nevertheless, the price bars of Bitcoin are below the exponential moving averages which indicate that Bitcoin price is fallen.
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