BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100
Yesterday, July 3, the price of Bitcoin was in a bullish trend. In view of that a Fibonacci retracement tool was attached to determine the support levels of Bitcoin price. Presently, the price of Bitcoin is retracing to Fibonacci 38.2 retracement level. The principle behind the Fibonacci tool is that if price retraces from the recent high it will find support to one of the Fib. retracement levels. At that level, a long trade should be taken,if the bearish candlestick closes and another bullish candlestick opens .
In addition, 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 54 which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a Bearish trend. In the lower time frame, the market is said to be oversold suggesting bulls to take control of the market. The MACD line and the signal line are below the zero line which indicates a sell signal.
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