BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100
Yesterday, July 9, price of Bitcoin was in a bullish trend. It was assumed yesterday that if price retraced from the recent high and tested the trend line without breaking it, then a long trade should be initiated. Today, the price has retraced, tested and broken the trend line. The implication is that the bullish trend has reversed.
You don’t have to initiate a long trade anymore except price pullback to resume its uptrend. However, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates that the bullish trend is ongoing. The relative strength index period 14 is level 47 which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish 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.