BTC/USD Medium-term Trend: Ranging
Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,000, $5,800, $5,600
Yesterday, October 11, the price of Bitcoin was in a bearish trend. The bears broke the $6,500 price level and Bitcoin fell to the low of $6,282.98. Price has fallen to the Lower level of price range. Today, the digital currency is now ranging above the $6,200 price level. The reason for the range bound movement was that the bulls and the bears are undecided about where price will go.
However, if price breaks the $6,200 price level the critical support level will be under threat. Price may likely break the $6,000 price level which may fall to the next previous low of $5,900. On the other hand, if the bulls take control, price will reach the high of $6,500.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC price is in a sideways trend. The digital currency is ranging above the $6,200 price level. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.
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