BTC/USD
Long-term Trend: Ranging
Resistance levels: $7,200,
$7,400, $7,600
Support levels: $6,400, $6,200, $6,000
The price of Bitcoin was
range bound in the first week of November 2018. In retrospect, the digital
currency was ranging above the $6,400 price level all through the month of
October 2018. The major bearish event is that on October 11, the bears went deep
into the $6,200 price level. While on October 15, the bulls had a price spike
that reached the high of $7,600 but price pulled back to the low of
$6,500.
That was why
we had a price ranging above the $6,400 price level. On November 7, the price
reached a high of $6,565.66 but was resisted. The digital currency was in a
downward trend after the resistance at $6,600 price level. The digital currency
is likely to fall because price is in the bearish trend zone.
Meanwhile, the
price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates
that a bearish trend is ongoing. 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
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