BTC/USD Medium-term Trend: Ranging
Resistance Levels: $6,300, $6,500, $6,700
Support levels: $6,100, $5,900, $5,700
Yesterday, September 17, the price of Bitcoin was in a sideways trend. The BTC price was in a sideways trend before the eventual fall to the critical support level. The BTC price fell to the low of $6,251.41 which is near the critical support level of $6,000 .
Today, the cryptocurrency is now back to the sideways trend zone. The buyers and sellers are undecided about where price will go. But since the price has reached the critical support level of $6,000, the price is expected to rise again. Traders can initiate long trades at the current market price and stop-loss orders be placed below the $6,000 price level.
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 33 which indicates that the market is oversold suggesting bulls to take control of the market.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the BTC price is in a bearish trend. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is falling The MACD line and the signal line are below the zero line which indicates a sell signal.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.