BTC/USD Medium-term Trend: Ranging
Resistance Levels: $6,400, $6,600, $6,800
Support levels: $6,200, $6,000, $5,800
Yesterday, September 10, the price of Bitcoin was in a sideways trend. Yesterday, it was suggested that in a ranging or trending market, we ought to buy low and sell high. The bulls were able to hold the support zone and as a result, the support level at $6,000 was not broken. Today, the BTC price is fluctuating in the range bound zone. Our stop loss should be placed below the $6,000 price level in all our long trades against any breakout .
The BTC price is expected to rise after its consolidation at the support zone. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend. The Relative Strength Index period 14 is level 45 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. The price of Bitcoin is rising and coming out of the range bound movement. The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates that price is in a bullish trend.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.