BTC/USD Medium-term Trend: Ranging
- Resistance: $7,000, 7,200, $7,400
- Support : $6,600, $6,400, $6,200
Yesterday, June 11, price of Bitcoin had a bearish breakout that made its asset fell to the low of $6,695.32. Thereafter, price of the asset commenced a range bound movement. It was suggested that if the bulls held on to that level traders can initiate long trades . Meanwhile, the asset is currently trading at $6,838,06 as at the time of writing. However, from the 4-hour chart, price of Bitcoin went into a sideways trend after the bearish breakout.
First of all, the asset made an initial bullish movement to the high of $6,774.73. At other times, the price of the asset will fluctuate up and down. But the 20-day moving average and the 50-day moving average are trending southward indicating that the overall trend is bearish. Whereas the relative strength index period 14 is level 31 indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: Ranging
On the hourly chart, price of Bitcoin is in a sideways trend. After the downtrend, the asset went into a sideways trend. Price of the asset is now in a horizontal pattern.
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