BTC/USD Medium-term Trend:Bearish
Resistance Levels: $7,000, $7,100, $7,200
Support levels: $6,800, $6,700, $6,600
Yesterday, August 6th, the price of Bitcoin was in a bearish trend. It was assumed yesterday that price will rise at the support level of $7,000. But the price of Bitcoin closed at a price of $6,916.378 as of yesterday. Today, the bulls have ended the bearish pressure by taking the BTC price to a sideways trend.
The cryptocurrency will continue its sideways trend until the BTC price encounter another breakout. However, the MACD line and the signal line are 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 31 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 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 neither below nor above the 12-day EMA and the 26-day EMA which indicate that price is in a sideways trend zone.
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