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BTC/USD Medium-term Trend: Bearish

Resistance Levels: $5,900, $6,000, $6,100
Support levels: $5,700, $5,600, $5,500

Yesterday, June 28, price of Bitcoin was in a sideways trend. I suggested that traders can trade the ranging market pending when the cryptoasset break out of its range-bound zone.Today, if the bearish breakout did not occur then a range bound market strategy would be adopted.

This is a situation where price tests the support level and you take a long trade. Then a stop loss should be placed below the support level. After that you exit your trade near the resistance zone. On the other hand, if price tests the resistance level, you take a short trade, and you place a stop loss above the resistance level. Then you exit your trade near the support zone.

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 above the price bars of Bitcoin which indicates that the bearish trend is ongoing.

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. Meanwhile, the relative strength index period 14 is level 32 which indicates that the market is oversold suggesting bulls to take control of the market.

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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