Resistance Levels: $6,800, 7,000, $7,200
Support levels: $6,400, $6,200, $6,000
Yesterday, June 12, we saw Bitcoin in a sideways trend after the bearish breakout. The bearish pressure is not yet over as the moving averages are still trending southward. The market was said to be oversold by the RSI indicator.Today, from the 4-hour chart, the price of Bitcoin is falling. The 12-day EMA and 26-day EMA are trending downtrend. There are indications that the asset may fall to the previous lows of $6,500 and $6,000. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal.
Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin indicating that the bearish trend is ongoing. On the other hand, the relative strength index period 14 is level 27 indicates that the market is oversold suggesting bulls to take control of the market. If the market falls to its previous lows, traders should initiate a long trade.
BTC/USD Short-term Trend: Bearish
On the hourly chart, price of Bitcoin is in a bearish trend. On the short term trend, the MACD line and the signal line are still below the zero line indicating a sell signal. The bearish trend is ongoing because the 12-day EMA and 26-day EMA are above the price bars of the asset.
The views and opinions expressed here do not reflect that of BitcoinExhangeGuide.com and do not constitute financial advice. Always do your own research.