China's Cryptocurrency Clampdown Turns Country Into A Bitcoin


BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,300, $6,400, $6,500
Support levels: $6,100, $6,000, $5,900

Yesterday, July 12, the price of Bitcoin was in a bearish trend. During the bearish trend, the cryptocurrency fell and closed at a price of $6,163.21. However, the cryptocurrency was consolidating at that price level until it made a bullish movement to the high of $6,242.02. At that level it made partial gains on consolidation.

However, the bearish pressure is not over as 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 34 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 bullish trend. Nevertheless, the price bars of Bitcoin are above the exponential moving averages indicating that Bitcoin price is rising. Though, the MACD line and the signal line are below the zero line indicating a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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