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BTC/USD Long-term Trend: Bearish

Supply Zones: $6,500, $7,000, $7,500
Demand Zones: $5,500, $5,000, $4,500

Price of Bitcoin had been in a bearish trend since June 3rd, 2018. The BTC/USD pair was valued at $7,715.60 at the beginning of June. But as at the time of writing today, June 23, 2018, the cryptoasset had depreciated to the value of $6,146.47. Price of Bitcoin has depreciated to about 20.33 %. There are indications that the cryptoasset may fall to its previous low at $ 5,810.

Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal for the price of Bitcoin. In the same vein, the 12-day EMA and the 26-day EMA are above the price bars of Bitcoin which indicates that the bearish pressure is ongoing . Nevertheless, the relative strength index period 14 is level 42 which indicates that price of the cryptoasset 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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