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BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,200, $6,300, $6,400
Support levels: $6,000, $5,900, $5,800

Last week, price of Bitcoin had been in a bearish trend. The cryptoasset fell from $6,637.59 to the low of $6,178.09. The 26-day EMA and the 12-day EMA are also trending southward. Today, the cryptoasset is now in a sideways trend after the bearish movement last week.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The 26-day EMA and the 12-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing. Nevertheless, the relative strength index period 14 is level 44 which indicates that price of Bitcoin is in the range bound zone.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the bulls took control of the market from the bears and brought price above the $6,000 price level. At the $6,000 price level, the market is now in a sideways trend.

Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. Also, the price bars of Bitcoin are above the 12-day EMA and the 26-day EMA which indicates 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.

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