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BTC/USD Medium-term Trend: Ranging

Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,400, $6,200, $6,000

Yesterday October 4, the BTC price was in a bullish trend. The expectation as at yesterday was that the bulls were making another attempt to test the $6,800 price level. In that process, the BTC price would have reached the high of $7,400. The cryptocurrency was resisted on two occasions at the $6,600 price level.

Today, the price of Bitcoin is in a bearish trend approaching the $6,500 price level. Price of Bitcoin is expected to fluctuate between the levels of $6,400 and $6,800. Nevertheless, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that a bullish trend is ongoing. The Relative Strength Index period 14 is level 51 which indicates that price is in the sideways trend zone.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. The price of Bitcoin is now ranging above the $6,500 price level. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling.

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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