Blockchain Capital's Spencer Bogart on Bitcoin's Correction & BTC Bottom Still to Come
cryptocurrency-event-2018

BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,100, $6,200, $6,300
Support levels: $5,900, $5,800, $5,700

Yesterday, June 27, price of Bitcoin fluctuated between the resistance level of $6,308 and the support level of $5,820. Today, price of the cryptoasset had been sustained above the $6,000 price level. Meanwhile, 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 that the cryptoasset is ranging.

As the cryptoasset is range bound, the possibility of a breakout is imminent. Traders can adopt the use of pending orders to trade the market. At the resistance level, you can place a ”buy stop” for a bullish breakout. Similarly, at the support level, you can place a ”sell stop” for a bearish breakout.Meanwhile, the relative strength index period 14 is level 46 which indicates that price of Bitcoin is in the range bound zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the price of Bitcoin is in a sideways trend. The MACD line and the signal line are neither above nor below the zero line which indicates a neutral signal. Also, the price bars of Bitcoin is neither above nor below the 12-day EMA and the 26-day EMA which indicates that a sideways 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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