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BTC/USD Medium-term Trend: Bullish

Resistance levels: $7,400, $7,500, $7,600
Support levels: $7,200, $7,100, $7,000

Yesterday, July 17th, the price of Bitcoin was in a bullish trend. On July 13th, the cryptocurrency fell to the low of $6,176.19 and the bulls brought the price to the high of $6,700. At other times, if the price was at the resistance level at $6,700, the bears will bring the price to the low of $6,100. In the other words, Bitcoin price had been fluctuating between the Levels of $6,800 and $6,200 since July 10, 2018.

Today, the price of Bitcoin has broken the resistance level at $6,800. The cryptocurrency is currently trading at $7,321.33 as at the time of writing. Traders should look out for buy setups and initiate long trades. However, the MACD line and the signal line are above the zero line which indicate a buy signal. Also, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicate that the bullish trend is ongoing. The relative strength index period 14 is level 87 which indicates  that the market is overbought suggesting the bears 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. The MACD line and the signal line are above the zero line which indicate a buy signal. Nevertheless, the price of Bitcoin is above the exponential moving averages which indicate that the Bitcoin price is rising.

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

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