BTC/USD Medium-term Trend: Bullish

Resistance Levels: $7,000, $7,200, $7,400
Support levels: $6,500, $6,300, $6,100

Yesterday, October 8, the BTC price was in a Bullish trend. The Bulls reached the $6,719.40 price level and were resisted. This price level had been a big hurdle for the bulls to jump over. The bears could be overpowered if more buyers were introduced at this price level. The BTC price fell and it is fluctuating above the $6,600 price level.

The cryptocurrency has commenced its range bound movement above the $6600 price level. However, if the $6,600 price level is broken the bears will reach the $6,400 price level. Nevertheless, the MACD indicates that price is still in the bullish trend zone. That is 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 of Bitcoin reached the high of $6,700 but fell above $6,600 price level to commence its range bound movement. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling. The Relative Strength Index period 14 is level 56 which indicates that price is in the sideways trend zone.

The views and opinions expressed here do not reflect that of and do not constitute financial advice. Always do your own research.

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