BTC/USD Medium-term Trend: Ranging

Resistance Levels: $6,400, $6,600, $6,800
Support levels: $6,100, $5,900, $5,700

Yesterday, September 11, the price of Bitcoin was in a sideways trend. The price of the cryptocurrency has been fluctuating in a downward trend. The market seems to be quiet as there was a hardly significant price movement. The price has dropped from the $6318.54 to $6,251.11 to a range bound movement. The price of Bitcoin is facing resistance at the $6,400 price level.

Price of Bitcoin now fluctuates between the levels of $6,400 and $6,200.
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 39 which indicates that the market is oversold suggesting bulls to take control of the market.

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the BTC price is in a sideways trend. The price of Bitcoin is ranging at the support zone as price falls from the $6,300 price level. 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 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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