BTC/USD Medium-term Trend: Ranging
Resistance Levels: $6,800, $7,000, $7,200
Support levels: $6,400, $6,200, $6,000
Last week the price of Bitcoin was in a bullish trend. On October 15, the crypto’s price reached the high of $7.788 in a price rally but pulled back to the low of $6,742. The digital currency became range bound at that price level for two days before falling to the low of $6,525. Today, the BTC price is ranging above $6,500 price level.
The cryptocurrency is likely to continue its range bound movement because the 12-day EMA and the 26-day EMA are horizontally flat. Meanwhile, the MACD line and the signal line are at par with the zero line which indicates a neutral signal. The price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA which indicates that price is in the sideways trend zone.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the BTC price is in a bullish trend. On October 22, the crypto’s price fell to the low of $6,578.45 and commenced a range bound movement. Meanwhile, the price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising.
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