BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,200, $6,300, $6,400
Support levels: $6,000, $5,900, $5,800
Yesterday, July 11, the price of Bitcoin was in a bearish trend. The bearish trend fell from the high of $6,637.69 to the low of $6, 363.39. Thereafter the market commenced a range bound movement. Price of Bitcoin is now trending horizontally.
However, 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 relative strength index period 14 is level 32 which indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin was trading at a price of $6, 363-29 in a horizontal pattern. Traders are to avoid such choppy price action because the price is not evenly apart between the key levels.
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