BTC/USD Medium-term Trend: Bullish
Resistance Levels: $7,500, $7,600, $7,700
Support levels: $7,300, $7,200, $7,100
The BTC price had been bullish since the beginning of July 2018. The price of Bitcoin rose from the $6,345.11 price level to the high of $8,490.84 before retracement to the current price of $ 7,472.77.Therefore, the BTC price achieved about 17.77% price increase. The bulls faced resistance at the $8,400 price level which compelled price to a sideways trend before its eventual fall to its current low. Price of Bitcoin is expected to rise because it has reached the support level of the market.
However, the MACD line and the signal line are below the zero line which indicates a sell signal. The BTC price will be in a sideways trend for now until the bulls take control of the market. This is because the price of Bitcoin is neither below nor above the 12-day EMA and the 26-day EMA ,that is why the price and moving averages are horizontal.
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