BTC/USD Medium-term Trend: Ranging
Resistance levels: $7,500, $7,600, $7,700
Support levels: $7,300, $7,200, $7,100
Yesterday, July 19th, the price of Bitcoin was in a sideways trend. The cryptocurrency is fluctuating horizontally at a price of $7,424.72 as at the time of writing. However, the MACD line and the signal line are above the zero line which indicates a buy signal.
Also, the price of Bitcoin is 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 74 which indicates that the market is overbought suggesting bears to take control of the market. This implies that all the long trades should be exited while we wait for another buying opportunity.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a sideways trend. The price of Bitcoin is trading on a horizontal pattern. The MACD line and the signal line are above the zero line which indicates a buy signal. Nevertheless, the price of Bitcoin is above the exponential moving averages which indicate that the Bitcoin price is rising.
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