BTC/USD Medium-term Trend: Ranging
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,500, $6,300, $6,100
Yesterday, October 9, the BTC price was in a Bearish trend. The overall trend for the price of Bitcoin is a range bound movement. Since on September 8, the digital currency had been fluctuating between the levels of $6,200 and $6,800. These levels had not been broken for some time as a result of the range bound movement. However, a breakout is imminent for the BTC price.
If price breaks the upper level of price range the digital currency will reach the highs of $7,400 and $8,500. On the other hand, if price breaks the lower level of price range, the digital currency will revisit the lows of $5,900- $6,000. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a bearish trend. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The Relative Strength Index period 14 is level 31 which indicates that the market is oversold signaling bear's exhaustion suggesting bulls to take control of the market.
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