BTC/USD Medium-term Trend: Ranging
Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,400, $6,200, $6,000
Last week the BTC price was in a sideways trend. In fact, the digital currency had been ranging in the last seven days. Price had been fluctuating below the $6,600 price level. The buyers and the sellers seem to be undecided about where the price goes. On October 6, the price reached the high of $6,700 but price pulled back immediately. The implication is that a breakout is imminent for the price of Bitcoin .
There will be no trade recommendation as the market is stagnant. Nevertheless, the MACD line and the signal line are above the zero line which indicates a buy signal. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC price is in a sideways trend. The price is Bitcoin is now ranging above $6,500 price level in a horizontal pattern. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is rising. The Relative Strength Index period 14 is level 54 which indicates that price is in the sideways trend zone.
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