BTC/USD Long-term Trend: Bearish

Supply Zones: $7,000, $7,500, $8,000
Demand Zones: $6,000, $5,500, $6,000

The overall trend of the BTC/USD pair is bearish. Price of Bitcoin had been falling since the beginning of June, 2018. For instance, price of the asset was $7, 715.60  at the beginning of June, 2018, but the asset fell to the low of $6,360.51 as at the time of writing. The asset is likely to fall to the low of $6,000,therefore traders should not trade against the downward trend. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal for the price of Bitcoin.

In addition, the 12-day EMA and the 26-day EMA are neither above nor below the price of the asset. This is a neutral signal especially when the asset is in a sideways trend. However, the relative strength index period 14 is level 43 indicates that price of the asset is in a 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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