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BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $6,300, $6,200, $6,100

Last week the price of Bitcoin was in a sideways trend. The BTC price fell to the low of $6,300 and made a bullish movement to the $6,400 price level. The crypto's price has remained bullish and above the $6,400 price level since last week. The price of Bitcoin is expected to rise because it is above the exponential moving averages (EMAs).

If price rises the digital currency may face resistance at the $6,600 price level. However, if the bulls scale through that level, the price of Bitcoin will resume its uptrend. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a bullish trend. The BTC price rose and was resisted at the $6,500 price level.The crypto’s price is above the 12-day EMA and the 26-day EMA which indicates that price is in the bullish trend zone. Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.

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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