BTC/USD Medium-term Trend: Bullish
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,400, $6,200, $6,000
Yesterday, June 20, price of Bitcoin was range bound but closed trading at a price of $6,744.57. Today, the cryptoasset has commenced trading in a bullish trend. The 12-day EMA is above 26-day EMA and is trending northward indicating that Bitcoin is rising.
Nevertheless, from the 4-hour chart, the MACD line and the signal line are above the zero line which indicates a buy signal.
In addition, the price of Bitcoin is above the 12-day EMA and the 26-day EMA indicating that the bullish trend is ongoing. Now that the bullish trend has begun; traders should initiate long trades at the price of $ 6,500 and a stop loss below the price of $6,000. Meanwhile, the relative strength index period 14 is level 60 indicates that price of the cryptoasset is in the bullish trend zone. Price of Bitcoin is expected to reach the high of $7,000.
BTC/USD Short-term Trend:Bullish
In the 1-hour chart, the price of Bitcoin is in a bullish trend. Also, the MACD line and the signal line are also above the zero line indicating a buy signal. Also, price of Bitcoin is above the 12-day EMA and the 26-day EMA indicating that the bullish trend is ongoing.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.