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BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,650, $6,700, $6,750
Support levels: $6,550, $6,500, $6,450

Yesterday, June 14, price of Bitcoin found its low at $6,225.04 and commenced a bullish movement northward. It is likely the bearish pressure must have ended and the bulls taking control of the market. Price of Bitcoin rose to the high of $6,642.98 and was resisted by the bears. Meanwhile, the MACD line and the signal line are below the zero line indicating a sell signal.

In the same vein, the 12-day EMA and the 26-day EMA are neither above nor below the price of the asset which indicates a neutral signal. Nevertheless, the relative strength index period 14 is level 44 which indicates that price is in the range bound zone. Price of Bitcoin is no longer on a downward trend but  now in a sideways trend.

BTC/USD Short-term Trend: Bullish

On the hourly chart, price of Bitcoin is in a bullish trend. From the chart, the MACD line and the signal line are above the zero line indicating a bullish signal. The price of the asset is above the 12-day EMA and 26-day EMA indicating that the bullish 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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