BTC/USD Medium-term Trend: Ranging

  • Resistance Levels: $6,500, $6,550, $6,600
  • Support levels: $6,400, $6,350, $6,300

Last week, price of Bitcoin had been bearish all through the week. The asset fell from the high of $6,754.66 to the low of $6,225.04. At that price, it began to make another bullish movement. From the 4-hour chart, price has touched the lower band of the Bollinger band. Price also reached the lower band the second times as indicated by the arrow, this is a buy signal for the asset.

Nevertheless, the MACD line and the signal line are neither above nor below the zero line. This gives us a neutral signal. In addition, the 12-day EMA and the 26-day EMA are neither above nor below the price of the asset which is also a neutral signal. The reason is that the asset had been in a range bound movement since June 13. Meanwhile, the relative strength index period 14 is level 43 indicates that price of the asset is in the range bound movement.

BTC/USD Short-term Trend: Bearish

On the hourly chart, price of Bitcoin is in a bearish trend. The MACD line and the signal line are below the zero line indicating a sell signal. In addition, the 12-day EMA and 26-day EMA are above the price of the asset indicating 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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