BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,200, $6,400, $6,600
Support levels: $5,800, $5,600, $5,400
Yesterday, June 26, the price of Bitcoin made a temporary bullish movement to come out of the low of $5,820.39. Since on June 22, price of Bitcoin fluctuates between the resistance level of $6,308 and the support level of $5,820. Since the overall trend is bearish, the price of Bitcoin is trending towards the support level of $5,820.39.
If the cryptoasset breaks the support level, price of Bitcoin will find support at the price of $3,717.91. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are neither above nor below the price bars of Bitcoin which indicates the cryptoasset is ranging. However, relative strength index period 14 is level 40 which indicates that price of Bitcoin is in the range bound zone.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. The MACD line and the signal line are below the zero line which indicates a sell signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish trend is ongoing.
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