BTC/USD
Medium-term Trend: Ranging
Resistance Levels: $6,500,
$6,600, $6,700
Support levels: $6,100, $6,000, $5,900
Support levels: $6,100, $6,000, $5,900
Last week the overall trend
of Bitcoin was bearish. The price of Bitcoin was above the $7,000 price level.
The bears broke the $7,000 price level and were approaching the $6,000 price
level. The assumption last week was that price is not likely to break the
support level at $6,000. One of the reasons is that the level had not been
broken since November 2017. On August 11, price tested the level at a price of
$6,081.80 and pulled back.
Today, the BTC price is in a
bullish trend at a price of $6,462.78 as at the time of writing. The BTC price
is getting stronger as the bears were to defend the $6,000 price level. Traders
are looking out for buy setups to initiate long trades. Nevertheless, the MACD
line and the signal line are below the zero line which indicates a sell signal.
The price of Bitcoin is above the 12-day EMA and the 26-day EMA which indicates
that price is in a bullish trend. The Relative Strength Index period 14 is
level 54 which indicates that price is in a sideways trend zone.
BTC/USD Short-term Trend: Bullish
On the 1-hour chart, the price of Bitcoin is in
a bullish trend. The MACD line and the signal line are above the zero line
which indicates a buy signal. Nevertheless, the price of Bitcoin is above the
12-day EMA and the 26-day EMA which indicates that price is in a bullish trend.
The views and opinions
expressed here do not reflect that of BitcoinExchangeGuide.com and do not
constitute financial advice. Always do your own research.
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