BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,400, $6,500, $6,600
Support levels: $6,100, $6,000, $5,900
Yesterday, August 8th, the BTC price was in a bearish trend. The bulls were unable to defend the $7,000 price level and as a result, the bears took price to the low of $ 6,250.11. It was assumed yesterday that the price is likely to fall again to the low of $6,000 because it is the support level of price. Today, the BTC price is now in a sideways 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 24 which indicates that the market is oversold suggesting bulls to take control of the market. This is the time to look out for buy setups to initiate long trades in anticipation of a bullish trend.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a sideways trend. After the bearish pressure, the BTC price now moves horizontally at a price of $6,307.15. The MACD line and the signal line are below the zero line which indicates a sell signal. Nevertheless, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicate that price is falling.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.