BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,500, $6,600, $6,700
Support levels: $6,300, $6,200, $6,100

Yesterday, July 5, price of Bitcoin was in a bullish trend. Our intention was to continue to trade the support levels as the bullish trend lasted. Today, price has broken the bullish trend line and price is in a sideways trend. When price breaks a bullish trend line and the candlestick closed on the opposite of it, the current trend might have reversed. We have to move to another strategy based on the current trend.

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 47 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 Bullish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing.

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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