BTC/USD
Medium-term Trend: Ranging
·
Resistance Levels: $6,800, $6,900, $7,000
·
Support levels: $3,800, $3,700, $3, 600
Yesterday, February 27, the
price of Bitcoin was in a sideways trend. Price of Bitcoin is ranging above the
$3,900 price level. The crypto’s price was trading below the 12-day EMA and the
26-day EMA. Yesterday, the bulls attempted to break the 12-day EMA but were
repelled. Today, the bulls are trying to break above the EMAs.
If the bulls fail to break
the EMAs, the crypto will continue its range bound movement. On the downside,
if the bears break the $3,900 price level, the crypto will resume its downward
trend. Meanwhile, the MACD line and the signal line are below the zero line
which indicates a sell signal. The BTC price is below the 12-day EMA and the
26-day EMA which indicates that price likely to fall.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the BTC
price is in the bullish trend zone. The BTC price was ranging below and above
the 12-day EMA and the 26-day EMA. Yesterday, the bears broke the below the
EMAs and the bulls pulled back above the EMAs.
The crypto’s price is trading
at $3,909.60 above the EMAs as at the time of writing. Today, the crypto’s
price is above the EMAs indicating that price is in the bullish trend zone. The
MACD line and the signal line are below the zero line which indicates a sell
signal.
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