BTC/USD Medium-term Trend: Ranging
Resistance levels: $8,200, $8,300, $8,400
Support levels: $8,000, $7,900, $7,800
Last week, Bitcoin price reached the high of $8,490.84 but retraced to the low of $7,824.38. Later the BTC price made another bullish movement to the high of $8,176. Today, the cryptocurrency is in a sideways trend trading above the $8,000 price level. The buyers and sellers seem to have no control over the price.
Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicates that Bitcoin price is in a sideways trend. The relative strength index period 14 is level 50 which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the Bitcoin price is in a sideways trend. The MACD line and the signal line are at par with the zero line which indicates a neutral signal. Nevertheless, the price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicates that the Bitcoin price is in a sideways trend.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.