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.
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