BTC/USD Medium-term Trend: Bullish
Resistance Levels: $6,700, $6,800, $6,900
Support levels: $6,500, $6,400, $6,300
Yesterday, July 4, price of Bitcoin was in a bullish trend. It was suggested yesterday that in a bullish market, support levels could be determined to initiate long trades with the application of Fibonacci retracement level. Today, the price of Bitcoin is making a series of higher highs and higher lows. A bullish trend line is drawn to show the support levels of price where traders can initiate long trades.
In an uptrend, traders can buy low and sell high.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 67 which indicates that price is in the bullish trend zone.
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 indicates a buy signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.