BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,700, $6,800, $6,900
Support levels: $6,500, $6,400, $6,300

Yesterday, price of Bitcoin was in a sideways trend. However, the MACD line and the signal line indicated a buy signal for the price of Bitcoin. Today, price of Bitcoin is in a bullish trend that took price of Bitcoin from the low of $6,335.72 to the high of $6,618.21.

Meanwhile, the Fibonacci retracement tool has been drawn to enable us determine the support levels of price . The principle behind the Fib. tool is that in an uptrend when price retraces from the recent high, it will find support in one of Fib. retracement levels. Therefore as the uptrend progresses, traders should look at the retracement levels for trading opportunities.

Meanwhile, from the 4-hour chart, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars 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 72 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. From the chart,price of the cryptoasset was in a sideways trend when it had a bullish trend that made price to rise from the low of $6,335.72 to $6,592.64.

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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