BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,500, $6,700, $6,900
Support levels: $6,300, $6,100, $5,900

Yesterday, June 21, price of Bitcoin was in a bullish trend. The exponential moving averages were trending northward. It traded and closed at a price of $6,708.01. Today, the MACD indicator confirms the bullish trend.

The MACD line and the signal line are above the zero line which indicates a buy signal. In addition, the price of the cryptoasset is above the 12-day EMA and the 26-day EMA which indicates that  the bullish trend is ongoing. Meanwhile, the relative strength index period 14 is level 49 which indicates that price of Bitcoin is in the range bound zone.

BTC/USD Short-term Trend: Bearish

In the 1-hour chart, the MACD line and the signal line are below the zero line which indicates a sell signal. In addition, the 12-day EMA and the 26-day EMA are above the price of Bitcoin which indicates that the bearish trend is ongoing. However, on the 1-hour chart, the Bollinger Bands contracted at the current market section because the market was quiet.

Nevertheless, bearish candlesticks had touched the lower band of the Bollinger Bands. The principle is that if price touches the first low of the Bollinger Band, it is a buy signal. Again, if price touches another low of the Bollinger Bands, then it is now a confirmation of the buy order.

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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