Bitcoins-Fixed-Supply-Ensures-that-Only-1-of-World-Can-Own-Over-0-28-BTC

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.

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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