BTC/USD
Medium-term Trend: Bearish
Resistance Levels: $6,400,
$6,500, $6,600
Support levels: $6,200, $6,100, $6,000
Yesterday, July 10, the price
of Bitcoin was in a bearish trend. In the bearish market, the price of Bitcoin
was retracing to test the bullish trend line which was later broken to end the
previous bullish trend. Today, the cryptocurrency is now in a downward trend.
Bitcoin price fell to the previous low of $6,363.39 which was the low where the
price was consolidating before the bullish breakout.
From the 4-hour chart, the
MACD line and the signal line are below the zero line which indicates a sell
signal. Also, the 12-day EMA and the 26-day EMA are above the price bars of
Bitcoin which indicates that the bearish trend is ongoing. The relative
strength index period 14 is level 29 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
price of Bitcoin is in a downward trend. The MACD line and the signal line are
below the zero line which indicates a sell signal. Also, the 12-day EMA and the
26-day EMA are above the price bars of Bitcoin which indicates that the bearish
trend is ongoing.
The views and opinions
expressed here do not reflect that of BitcoinExchangeGuide.com and do not
constitute financial advice. Always do your own research.
Source: https://bitcoinexchangeguide.com
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