Bitcoin (BTC) Technical Analysis: Chart Formations Hint of Further Gains

BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,100, $6,200, $6,300
Support levels: $6,000, $5,900, $5,800

The BTCUSD pair had been bearish since the beginning of August 2018. The BTC price had an opening balance of $7,690.03 at the beginning of August 2018. The bears have had upper an hand over the bulls in the last ten days. But the greatest test will be the critical support level at $6,000. The bulls had defended this level thrice without the bears breaking the level since November 2017. On the other hand, if the bears break the $6,000 price level, the BTC price will become weaker and fall to the lows of $5450 and $5000.

However, the MACD line and the signal line are below the zero line which indicates a sell signal. Similarly, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that the bearish trend is ongoing. Meanwhile, the Relative Strength Index period 14 is level 43 which indicates that price is in the range bound 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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