BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,500, $6,300, $6,100

Yesterday, November 6, the price of Bitcoin was in a sideways trend. The digital currency was fluctuating above the $6,400 price level before the emergence of a bullish trend. Yesterday, it was suggested that the BTC price is likely to rise because price was above the 12-day EMA and the 26-day EMA. Today, the crypto's price is facing resistance at the $6,600 price level.

The question is, is price going to break that level and proceed to the $6,800 price level? Or price will find support at the $6,600 price level? A trend line is drawn at the lower time frame to determine the continuity of the bullish trend. Meanwhile, the BTC price is above the 12-day EMA and the 26-day EMA indicating that price is in the bullish trend zone. The MACD line and the signal line are above the zero line which indicates a buy signal.

BTC/USD Short-term Trend: Bullish

On the 1-hour chart, the BTC price is in a bullish trend. The crypto's price is making a series of higher highs and higher lows. The bullish trend is assumed to continue if the trend line is not broken. But if the trend line is broken and the following candlestick is closed opposite the trend line; the trend is said to be terminated. The current bullish trend has been terminated.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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